commons. time for a look at the business news now. we start with the unfolding crisis in the red sea and concerns that the continued attacks on cargo ships by yemen s houthi rebels will affect developing countries the hardest. that s the warning from the world trade organization. today the us has launched a fourth round of airstrikes against the rebels the us military said it targeted missiles that could be intended for attacks on ships. as vessels divert to longer and more costly routes that avoid the red sea, supply chains have been disrupted and economists have warned it could add to inflation. the wto s director general, dr ngozi 0konjo iweala, has been speaking to our economic editor faisal islam at the world economic forum in switzerland. iamjoined i am joined here by the director general of the world trade organization. thank you forjoining 0rganization. thank you forjoining the bbc. 0bviously people are concerned about the fluidity of trade given this big geopolitic
$4000 a year in income since the president took office. lucas tomlinson s life for us in wilmington, delaware with the very latest, lucas. good afternoon aishah. the dow is down below when present biden took office inflation is up 40 years i the s&p 500 is down 17% this year for president biden s top economic advisor acknowledging the squeeze many americans are feeling. food prices are to hyperinflation is still too h high. the president understands that because his whole focus is defending working families. he knows even with the stronger job market, lower unemployment, he knows of people getting hurt at the grocery line. and present biden took office, inflation was not just 1.4% rate today it is 8.3%. it was already at 7.9% when russian forces invaded ukraine as you can see here. more than half the country says inflation is causing them financial hardship and heartburn. one in four american families are cutting back on spending. some even going down to two meals a day
particular festival the texas tribune fast. it is becoming a more well-known political convention each year. it gets bigger and bigger but they also get bigger and bigger names for you mentioned senator ted cruz, spoke not long ago for effect the conversation got a little lively at times over gun control and talking about the valley school shooting. no doubt the timing of this is in line with the midterms right around the corner. some attendees are not currently up for reelection like senator cruz but others are in the final stretch of an awfully big race like o rourke who is also speaking on today s agenda as he battles it out with a republican incumbent greg abbott for the texas governor s job. recent polling has shown governor abbott has a lead in the race. analysts of said governor abbott tough stand on immigration at the border has given him a boost with voters, listen. so, if there is going to be a democratic a breakthrough you assume it would come first in