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Our economics correspondent andy verity had more. it will drop back into single digits from double digits now somewhere in the middle of this year, going on to drop further down to about li—6% by the end of this year, but we should remember that right now we are going through one of the hardest squeezes on living standards in more than four decades. food price inflation at 16.8%. that's the highest it's been since 1977. those cheaper fuel prices aren't yet feeding through to the prices of other goods, which are still rising by more than 13%. so they are expecting inflation averaging overall ...

Around. if it isn't, however, at that figure and perhaps is at 7.4 or higher that, could be worrisome. you may see interest rates increase a little bit more than they should. >> we'll be watching for that report. huge news broke last night. sam bankman fried, the founder of crypto ftx has been arrested in the bahamas. tell us the latest. >> yeah. so that story telling as well. the crypto exchange industry really experiencing a win of its own in that regard. sam bankman-fried arrested on a charge put forward by u.s. authorities. ftx demise is rapidly approaching a court indictment situation. we...

Plus ask how to get up to a $750 prepaid card with qualifying internet. all right. we are live in washington this morning. the labor department has released a key number on inflation. with us is christine romans. what are you seeing in the numbers? >> this is factory level inflation. so before it gets to the store, this is what producers are paying, the prices they're paying, still stubbornly high. what i see, kaitlan and poppy is why the fed has been raising interest rates so aggressively. 7.4% is the annual growth in

It's not the same. what could you do to solve the problem? we could get xfinity? that's actually super adult of you to suggest. i can't wait to squad up. i love it when you talk nerdy to me. guy, guys, guys, we're still in session. and i don't know what the heck you're talking about. wholesale prices rising more than expected in the last dampingen hopes that inflation is cooling. mattea egan joins me now to explain. the trend line is not coming down as quickly as experts have been hoping for. >> there is good news and bad news in this report. let me run through the numbers quickly. wholesale...

This is producer price inflation, fppi, 7.4% year over year, month over month it grew 0.3%. when you dig into the core rates, that was a little hotter than expected. let's look at the trend, jim is so right to mention the trend is what's important. one piece of data in a trend -- i like the looks of that chart the way it has peaked there, you see producer prices coming down from the worst, but it's just not coming down as fast as many economists had been hoping. so this is one of those, yes, but pieces of economic news. yes, it's cooling but not cooling as much as economists had hoped here and...