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Pricing on everything from gas to groceries to housing are still rising at a rapid pace. the government says inflation rose 8.5% from march 2021 to march 2022. that's the largest annual increase since 1981. with prices rising more than 1% between february and march. the driving force behind the recent price spikes in high oil and gas prices are because of the war in ukraine. aaa says that the national average for regular, now $4.08 a gallon. but it looks like we might be paying an average of $3.84 a gallon for gas this summer. with us now, diane swonk, an adviser to the federal reserve. diane,...

Bipartisan bill to do just that. the move could be punishing for putin, and also, costly for the u.s. and economies around the world with gas getting even more expensive. let's discuss with our panel. is. the national average price for gas hilt $3.84 a gallon. that's a hike of 11 cents in just one day. 42 cents in the last month. how long are americans going to be willing to pay more in exchange for this moral stance and national security stance of punishing russia? >> we know that the cost of living, particularly the cost gas have been huge issues for american voters going back months now. an...

Higher, with the expectation that the economy is really going to be booming as we get out of this omicron wave, as we get into springtime. >> reporter: the job market is so hot right now, there are nearly two opening for every applicant, and that demand drove wages up. average earnings in the u.s. are now more than $31 an hour, but the raises leveled off last month. what does that mean when it comes to demand for workers? >> more people are coming back into the labor force. a lot of people who retired early are unretiring. >> reporter: still, the wage increases are not keeping up with inflatio...

Alone 50 feet from his generals. february turned out a better than expected jobs report. 678,000 jobs added. unemployment down to 3.8%. wage growth, though, is slowing down sharply. critics are warning inflation will go up. it is going to get worse. the cost of gasoline a gallon at home surging to record levels. the average price $3.84. that's up 11 cents in just 48 hours. it is the largest single day increase since 2005 and it is up 18 cents in two days. i got that wrong. 11 cents in a day, 18 in two days. that's the largest spike ever in that time period. what you are looking at right now sh...

But the white house they still won't budge. biden happy to pay russian blood money and sock americans in the wallet. today, americans pay an average, are you ready? 3.84 a gallon. joining me now house minority leader kevin mccarthy. all right, soon-to-be speaker mccarthy, have you seen at these gas pumps people have been slapping joe biden's stickers next to the price and says i did that? that's how bad things are getting. will he change. >> i don't think he will change. president biden said he would move air from the scro he is didn't say american escrow. he said from the middle east. when na...