high and everybody harris: larry kudlow warns brace for the summer. there is a lot of talk in both washington and wall street that we had seen peak inflation. there is no evidence in this report that we ve seen peak inflation. in fact, kids, the three-month increases are now running ahead of the 12-month increases. that s a very bad sign. the trend lines are all wrong. harris: the biden administration was expecting this report to be bad. here is the white house press secretary out yesterday early doing damage control. we expect the headline inflation number to be elevated and have the war in ukraine have some effect on core inflation. despite these disruptions and the fact the numbers can be volatile we continue to believe the economy can transition from
what has been a recovery of the economy to stable, steady growth and inflationary pressures moderating. experts have been saying that for some time now. harris: she is reading out of that binder at the lectern at the white house press briefing every day. she is not seeing americans. the markets taking a tumble on today s horrible news. dow down 800 points already this morning. fluctuating between 700 and 00 plus. charles payne is in focus. charles, you sat down moments ago before we started. we re in trouble. we are in a lot of trouble. larry laid it out pretty good because, you know, the experts, everyone thought maybe we would have peak inflation in december. then january, february, march, april, may. and it is persistent and won t go away. they created a monster, a beast. it is hard to harris: who created a beast.
white house ends right here and right now this november. carley: abrams is confident she will be living in the governor s mansion after the election, and gun control. she recently called george of the worst day in the country to live in fear of the biden administration, failing to keep costs from skyrocketing and a new poll 80% of americans say inflation is a top issue ahead of this year s midterm. todd: dan roccato a personal-finance effects are at the university of san diego. he joins us now. dan, great to see you here. is there any chance the inflation approved by november, by the time the mid-terms roll around? let s think about that. a hi, carly. i think there is little chance. we may have reached peak inflation and we have not seen inflation company up much more but coming down is a different issue. it is easy to bring it up but a lot stickier come a lot
pretty hard on the u.s. economy. they ve even talked about the labor market, although it s good, it s not good enough if all you re doing is chasing inflation with your paychecks and you re not getting real wage gains. seeing your paychecks go further instead of less far out there. look, i mean, that s so important you mention that. the fact is that the cost of gasoline is really exorbitant. people use their automobiles and their trucks with diesel to transport all kinds of things and even for their everyday existence in our economy. the price of food, it seems like it s going up and up and up. is there any relief you see in the future to this, or is this just part of what we re going to have to experience? unfortunately, things will get worse before they get better. the good news is we re probably on peak inflation. that doesn t help most people hear, the year over year change may have already hit peak, it s still hot and hotter than your
index out. the 8.3% year-over-year number was worse than expected, leading the way, shelter, new vehicles, airline tickets. let s look at where americans see this every day though. 9.4%, the largest increase for food prices in over 40 years. viewers are likely making breakfast. eggs up 22.6%, bacon up 17.7% and cough pee increasing 13.5 coffee increasing 13.5%. empty shelves are just as big of a challenge. energy is a pawn point. with the summer months approaching, gas is up 44% year-over-year. regular unleaded hit another record today, $445, and so did diesel at $5.57. that s important because near rhode island everything we buy travels nearly everything we buy travels on a truck using diesel. that pain at the pump is not reflected in the ppi numbers. we may not have reached peak inflation. now, neil, those are some of the key numbers, but what does that