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Era. >> reporter: this paired with the high interest rates making it difficult for byers. >> we don't see prices decreasing much, and even if they do, just keep in mind the interest rates are rising. so the cost of borrowing money is going up, so that just means you're still going to be paying as much or nearly as much as you were even if those prices go down. >> reporter: car, home and student loans all higher. interest rates on a 30-year fixed mortgage from jumped from 2.93 to 5.78% in the last year. >> this is how it looks. >> reporter: he wishes his interests would have been lower, but say...

Food, 10.1%. and gas up 48.7%. but gas prices, not necessarily deterring potential buyers at this southern california car dealership. >> demand is high. supply is still low, and we're still in shortage era. >> this paired with the high interest rates making it difficult for buyers. >> we don't see prices decreasing much, and even if they do, just keep in mind the interest rates are rising so the cost of borrowing money is going up, so that just means you're still going to be paying as much or nearly as much as you were even if those prices go down. >> car, home and student loans all higher. in...

Difficult for buyers. >> we do not see prices decreasing much. if they do, interest rates are rising. the cost of money is going up. that means you will pay as much or nearly as much as you were, even if those prices go down. >> reporter: car, home and student loans are all higher. interest rates on a 30 year fixed mortgage have jumped from 2.93 to 5.70% in the last year. >> this is how it looks. >> he wishes his interest would have been lower, but says that was his need and want that motivated his new car purchase. a lot of people are turning to electric vehicles. prices for those are higher....

2.93%. the housing joins food and gas on the list of prices that keep rising. let's go now to cnn white house correspondent arlette saenz, so what's the president saying about it? >> reporter: well, victor, some economists predict a recession may be looming. president biden pushed back on that idea with an interview with the associated press saying he does not believe a recession is inevitable and also arguing he believes the u.s. is in a strong position to fight inflation compared to the rest of the world. even as the president is expressing a little bit of optimism there, he did acknowledge ...

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