SHANELLE KAUL:
00:00:36
Americans now paying 20% more for food than four years ago. Inflation rose nearly 1% this month, mainly due to higher gas prices. I don't even fill it up all the way anymore, yeah, just because prices are so expensive.
SHANELLE KAUL:
00:00:50
The war with Iran has raised the cost of fuel by 41%, the highest price in California, an average of $6.11 a gallon, the lowest in Indiana at $3.93. I think the trajectory that we're on, we could see the national average at $5 at some point in June.
SHANELLE KAUL:
00:01:09
All of it hitting Americans hard. The University of Michigan Sentiment survey finds consumer sentiment dropped to its lowest level on record in May. Americans feel worse than they did during wars, 9/11, and even the COVID-19 pandemic. Recent polling from CBS News shows 77% of respondents said their income is not keeping up with inflation. [BELL RINGING] Despite that sentiment, Wall Street is soaring. All major indexes have reached or are nearing record highs, a starkly different picture from what many Americans say they're feeling. We just have to stay focused on working and continue to make the income from our family and keep a roof over our head. And travel experts say over the course of this four-day holiday stretch, Americans will collectively spend $2 billion more on gas this year than last year. Jericka.
JERICKA DUNCAN:
00:02:04
Shanelle Kaul in New York, thank you.
