but internet, treasury secretary janet yellen looking to set the record straight regarding one big controversial part of the so-called inflation reduction act writing in a letter to the irish commission at a night of the traditional agency resources from the legislation should not be used to increase this means that contrary to the misinformation from opponents of the legislation, small business or households earning more than $400,000 per year or less will not see an increase in the chances that they are audited. will watch over the next year or two and keep an update on the numbers back up breaking news from the white house tonight, the u.s. 0% invasion last month according to the president, critics say that does not match the reality of the situation to cope with the official inflation indicator, july s consumer price index maintaining a year over year increase of 8.5% inflation back of reaction to what is economic news and the biden administration s positive spin
awhile. great to have you. stocks have been rejoicing. more on that in a second. now on something that is happening that would make you wonder why are they rejoicing? edward lawrence with more. we end a week with more bad economic data for this administration. now, the fed s favorite inflation indicator, if you see inflation, is now at the highest level since january of 1982. in fact, the hit song at that time was let s get physical by olivia newton john. pc inflation year over year after 6.86. core, which is without food and energy costs 4.8% year over year. when you look at this month compared to last month, the increase at 1%. that s the highest increase since march of 1980. now it s a lot of numbers but you get the idea here.
the crisis in ukraine is salt laking the global markets and is expected, rather, to exacerbate rising prices a key inflation indicator hit a 40-year high in january. the congress department announced yesterday that the index tracking consumer spending, including food and energy rose 6.1% over the past year, and experts are warning the conflict could punish energy and food prices even higher. let s go to scott cohn joining us from san jose, california. i got to tell you this headline does not sound good for consumers. not at all. president biden warned that the u.s. strategy would not be without pain at home. this is a visible example of this. here in california, $5 a gallon gas is common. and nationwide we re looking at