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what a crazy day in the markets and for the economy. just when we thought the inflation news couldn t get worse, it did. a sign of what is coming. wholesale inflation that makes you think wait a minute. the retail inflation that is bad could get worse. susan li with more. the dow down sharply this morning after the near record high inflation numbers for producers. wholesale prices coming at 11% higher than last year. you couple that with the steepest consumer price increase and 41 years. we know that americans and companies are paying a lot more for their goods these days. meantime, you have america s biggest banks kicking off what wall street sees as a crucial earnings season to check on the health of corporate america. the biggest lender in the country, j.p. morgan and jamie dimon confirming that his prediction of a economic hurricane down the road has not changed. he points out that the u.s. economy continues to grow in the job market hand consumer spending remains ....
1981 when ronald reagan was president and battling a recession that seemed endless. a guy names paul volcker was hiking interest rates a full percentage point at a team to squash inflation that proved relentless. when indiana jones was the hottest movie in the country and charles and diana, the hottest wedding ticket in the world. back then bacon cost $1.75 a pound. try more like $7 now. coffee was $2.46 a pound. closer to $6 now. a half gallon of ice cream set you back about $2. nearly trip that will today. some perspective on time and prices. lower and slower back then. faster and out of control right now. we are all over it with lydia hu at a new york city supermarket on how folks are holding up. hillary vaughn on capitol hill where democrats and republicans are digging in. edward lawrence in jerusalem on if those inflation numbers are weighing the president down. why house economic adviser jared bernstein on what costs he sees no longer going up. welcome. i m neil c ....
in this case, it is quite jam packed. we re covering what s gown on in saudi arabia, all of that and vladimir putin going to that neck of woods, iran next week. let s talk about what happened this week with the president s trip, wrapped up now in the royal kingdom. peter doocy in jeddah, saudi arabia, with more. peter. reporter: neil, the president is aboard air force one. we expect him to take off for joint base andrews in maryland any minute. he came to the middle east looking for gulf leaders to boost oil production capacity because he thinks that might help lower gas prices back at home. but he just got some bad news from the saki crown prince saudi crown prince who basically said they can t really increase their oil production capacity much more. finish translator: the kingdom will play its role in this era to increase the level of maximum sustainable production capacity to more than 13 million barrels. beyond that, the king.com will not have any kingdom ....
signs of hitting the brakes. in a new report published today, the house of commons public accounts committee says that the unimaginable cost of test & trace has failed to deliver the central promise of averting a second and third lockdown. the committee chair said that the british taxpayers cannot be treated by government like an atm machine any longer. the scheme was introduced in may last year, and began with a budget of £22 billion. since then it has been allocated £15 billion more, totalling £37 billion over two years. the report also questioned the over reliance on consultants, with some being paid more than £6600 a day. joining me now is sarah olney, who s the liberal democrats mp for richmond park and is also on the committee. tell us more about why this test and trace system, many are concluding in the report, just did not work. concluding in the report, “ust did not worki concluding in the report, “ust did not work. ., . did not work. good morning. ....
To reach the upper floors because of intense heat and falling debris. This is a completely unprecedented fire. In my 29 years in the London Fire Brigade i have never seen a fire of this nature, and i have seen many high rise fires. Residents have been taking shelter in nearby community centres, some are still looking for missing relatives. She said we cant do it because the smoke is killing her, the smoke is coming. The smoke is coming through the doors, shes keep covering it but. Its everywhere. And that was the last time we heard from her. Theres no word yet on the cause of the blaze. Residents say they had raised concerns about fire safety in the block. Dozens of people are being treated in londons hospitals, 18 are said to be in a critical condition. The block had recently been refurbished. Ministers have ordered urgent checks on buildings where similar work has been carried out. Stay with bbc news throughout the evening ....