why nasa is now joining the hunt for ufos announcer: this is nbc nightly news with lester holt good evening, everyone, from los angeles where president biden today offered an explanation for why consumer prices are still climbing may s numbers out today dashing hope inflation was starting to cool. instead it jumpe another percent growing to 8.6% year over year, leaving inflation sitting at 40-year highs affecting everything from home prices to food, clothing to gasoline put another way, american households are paying $460 more per month to buy the same amount of goods and services with the port of los angeles as his background president biden putting some of the blame on shippers, oil companies and vladimir putin as wall street suffered a major sell-off the dow lost 880 points, 2.7% the nasdaq down 414 points, 3.5% tonight, all eyes now turned to the fed and its next steps tom costello has more. reporter: the red arrows on wall street represent real money for american
2019 from chicago down to orlando, up 47%. at american coney island in detroit, third generation owner grace karros says her cost have soared this year. 26% on buns, 12% on paper bags 25% on a hot dog almost 30% on ground beef and chicken. reporter: in los angeles today, president biden blamed the higher prices worldwide on shippers who are price gouging and russia s war in ukraine. but we ve never seen anything like putin s tax on both food and gas reporter: many economists also blame pandemic-related stimulus money and the fed for not acting sooner now the pressure is building on chairman jerome powell to raise interest rates even faster to bring inflation under control. some experts calling for a full 1% hike next week. he s got to get control of that narrative and say, listen, we re not going to dribble out the medicine, let s take it now.
sturdy lumber and special clips on the roofs. that will keep the roof from being lifted during high, strong winds. this house was built to withstand 150-mile-an-hour wind. wow reporter: bill and barbara patterson are about to move in they lost their home of 35 years. it was like a death in the family to me. when you lost it? yes when i pulled up in that driveway and for a couple of days i was in shock. reporter: money has poured into the region, 15 million in fema grants, 50 million in federal home loans, the state raised more than 50 million, but downtown mayfield hasn t been a priority yet cars barn barbecue is one of the few businesses rebuilt owner suzy flint isn t happ with the slow pace. why are the roads closed where is the traffic what s the problem? reporter: it s been in her family for 75 years. why was it important to re-open this place? i feel like the