actual number is inflation was 8.5% year-over-year. so, in other words, you are spending 8.5% more in this july than you did last july. so for the white house to say, you know, it was zero. that s just a statistic, folks. the truth is it s up. ainsley: rent went up 6.3% year over year. food costs surging 10.9% increase year over year. look at the price for a lot of this food that we all love eggs look how much they are up 38%. margarine, flower flour mixes. fresh and frozen chicken parts. lunch meat, cereal products. paying 100 bucks more than a year ago. the president would be wise to say inflation dropped slightly i like the way it s trending because it s too high just under
all bets are off for the economy. we didn t expect these numbers to be good but these are worse than expectations. what s driving that? absolutely. listen, two big forces, the first one obvious, inflation. the cost of living is so high. 40-year high for inflation. it s not just gas prices. this is across the board. year over year price hikes on everything from beer and haircuts and cleaning products to men s suits. and butter, the other big force, though, the fact that borrowing costs are skyrocketing. check out the quote from the consumer confidence report. as the fed raises interest rates to rein in inflation, purchase intentions for cars have pulled back. this is the fed s goal. they want to curb demand to get inflation under control. the problem they do too much, they cause a recession. they don t do too much it stays high. the consumer feelings got me looking at 26% increase for butter, 19% chicken, lunch meat.
gentlemen, welcome back. i want to put up the rising cost of groceries amid inflation, common things we buy, eggs up 22%, lunch meat 17%, coffee sorry, critical, people are going to feel that one 15.6%, chicken 14.7%. these are everyday staples that we all buy, in addition to going to fill up your tank, hovering on a national average of $5 a gallon. this is going to be a tough thing going into the midterms. people are getting crushed, and they are hurting. families can t make ends meet or they are living paycheck to paycheck. they are unable to save, in fact depleting in many cases their savings. remember this year around this t out a graphic boasting the july 4th meal might be a few cents cheaper because of joe biden s policies? and a lot of people ridiculed that? now we just heard from matt finn in that report on average the barbecue is going to be up 17%
cheaper lunch meat. not buying as many fresh meat. they are buying just half gallons of milk rather than a whole gallon of milk. one is half the price of the other and people are short with cash. kohl s department stores say customers are spending less and dollar tree and dollar general while they are forecasting higher profits because when times get tough people go to the dollar stores big lots stores say they will have less grand quarter because fewer people are buying furniture. big lots sells furniture. people are not buying furniture there. they are going for staples. we are living paycheck to paycheck. ainsley: talk to many people that own homes. they will say my chimney needs fixing or my backyard needs this done to it. i m choosing to do that i have to do this instead of buying the furniture. i really wanted to redo my master bedroom and i can t do that now. you can always tell what matters to people.