alone. and they re expected to rise even further as we reach peak summer travel season. the high prices also driving inflation to the highest level since 1981. the consumer price index jumping 8.6% in may compared to the same time, same month last year. now the white house calling that staggering increase uncomfortably high. cnn s christine romans has more now on these troubling new numbers and how wall street is reacting. american consumers are still feeling the pain of higher prices for just about everything, but especially at the pump. look, the may consumer price index, that number up 8.6% from the year before. the fastest since 1981. and when you look at just the month, prices rose 1% from april to may, 1%, that s a big move in one month. core cpi, which they strip out food and energy which can be more volatile, that rose 6% from last year. prices across the board more expensive than last year. largely driven by shelter, the biggest yearly gain there since 1991. food u
nationwide calling for tighter gun laws. march for your life rallies are scheduled for today. some locations underway right now like in d.c. rally-goers reknewing cries for addressing the gun violence epidemic after a series of mass shootings and cnn is covering events across the country and i want to begin with brian todd at the capitol. hi, brian. things are just kicking off where you are? reporter: that is right, amara. the crowd gathering, several hundred strong with the riser and with the white house in the background. we ve talked to several people in the crowd about the general mood as we come out of the horrible shootings in uvalde and buffalo, and it is the mood of being fed up with the gun violence taking place in the country. especially lately. four years after parkland, a lot of them feel like enough is not being done. rackon brown is about to get up here and speak in a few minutes. and he s a survivor of gun violence in d.c. we should add. what is the message t
john: dow down 807 points at this moment. unfortunately, few people surprised by the new inflation data, confirming the pain at the pump and sticker shock. hello, john roberts in washington and happy friday to you. and happy friday to you as well, john. good to see you. anita vogel in for sandra smith. prices soared 8.6% from a year ago, highest in four decades as rent, energy and grocery prices continue to surge. another record high for gasoline prices as the national average edges ever so closer to $5 a gallon. anita: fox team coverage starts right now. karl rove on president biden s response to the economic crisis and a closer look at how much americans are paying at stores. john: but first, jacqui heinrich is travelling with the president live in los angeles. what is the white house saying they are going to do about inflation, jacqui? we have not heard from the president yet, he s going to speak later about supply chains but the chair of economic advisers says
midterm elections. in a hail mary, biden administration appears to be banking on the youth vote, i m john roberts in washington. you are all warmed up. sandra: and a lot more to dig into there, great to be with you. sandra smith in new york. this is america reports. biden administration is now just moments away from announcing that it is cancelling $5.8 billion in loans for borrowers who attended a for profit college. now middle class americans are left picking up the tab as experts warn a recession is just around the corner. it s the largest student loan cancellation in u.s. history as 560,000 borrowers are now off the hook. john: but could that just be a sweetener? the move comes a day after biden admitted gas and food prices are not going to come down soon. gas prices a new record high, up more than $0.50 in the past month. and new disappointing private sector job data out shows businesses are struggling to hire workers. sandra: it is a big problem and worse. south
And it really, again, undermined the conference and the institution. Unfortunately, these eight individuals torpedoed the conference, took out our best player on the field, if you will, and created a constitutional crisis. Thats republican Congressman Mike Whauler of new york state criticizing the members of his own party who voted to remove Kevin Mccarthy as speaker. Well bring you the very latest from capitol hill on the candidates who could replace him. Meanwhile, President Joe Biden is trying to reassure allies that the chaos in the house wont affect our nations support for ukraine. Well tell you what the white house is planning. And also ahead yet another tantrum from donald trump outside the courtroom in his Civil Fraud Trial. This one prompts a response from new York Attorney general letitia james. Good morning, and welcome to Way Too Early on this thursday, october 5th. Im jonathan lemire, thanks for starting your day with us. And well begin this morning with the race to become