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alone. and they're expected to rise even further as we reach peak summer travel season. the high prices also driving inflation to the highest level since 1981. the consumer price index jumping 8.6% in may compared to the same time, same month last year. now the white house calling that staggering increase uncomfortably high. cnn's christine romans has more now on these troubling new numbers and how wall street is reacting. american consumers are still feeling the pain of higher prices for just about everything, but especially at the pump. look, the may consumer price index, that nu...

nationwide calling for tighter gun laws. march for your life rallies are scheduled for today. some locations underway right now like in d.c. rally-goers reknewing cries for addressing the gun violence epidemic after a series of mass shootings and cnn is covering events across the country and i want to begin with brian todd at the capitol. hi, brian. things are just kicking off where you are? >> reporter: that is right, amara. the crowd gathering, several hundred strong with the riser and with the white house in the background. we've talked to several people in the crowd about the gen...

>> john: dow down 807 points at this moment. unfortunately, few people surprised by the new inflation data, confirming the pain at the pump and sticker shock. hello, john roberts in washington and happy friday to you. >> and happy friday to you as well, john. good to see you. anita vogel in for sandra smith. prices soared 8.6% from a year ago, highest in four decades as rent, energy and grocery prices continue to surge. >> another record high for gasoline prices as the national average edges ever so closer to $5 a gallon. >> anita: fox team coverage starts right now. karl rove on pre...

midterm elections. in a hail mary, biden administration appears to be banking on the youth vote, i'm john roberts in washington. you are all warmed up. >> sandra: and a lot more to dig into there, great to be with you. sandra smith in new york. this is "america reports." biden administration is now just moments away from announcing that it is cancelling $5.8 billion in loans for borrowers who attended a for profit college. now middle class americans are left picking up the tab as experts warn a recession is just around the corner. it's the largest student loan cancellation in u.s. hi...

And it really, again, undermined the conference and the institution. Unfortunately, these eight individuals torpedoed the conference, took out our best player on the field, if you will, and created a constitutional crisis. Thats republican Congressman Mike Whauler of new york state criticizing the members of his own party who voted to remove Kevin Mccarthy as speaker. Well bring you the very latest from capitol hill on the candidates who could replace him. Meanwhile, President Joe Biden is trying to reassure allies that the chaos in the house wont affect our nations support for ukraine. Well t...