If it's Wednesday, the pace of inflation hits a new 40-year high with less than four months until the midterms.

What's driving the jump in prices and what it means for the economy, the White House and you in just a moment?

Plus, devastating security footage, 77 minutes of excruciating detail, new video showing what police were and were not doing,

as the Rob Elementary gunman shot and killed 19 children, the latest on that story ahead.

And later, the State Department calls out Russia's use of so-called filtration camps in Ukraine,

details on the war crimes reportedly taking place, and the U.S.'s response ahead.

And welcome to meet the press now. I'm Kristen Welker. As President Biden kicks off his trip through the Middle East, his administration is facing a growing problem at home, with prices rising at their highest pace in 40 years, and Americans paying more for items across the board for where they live, for what they eat, and how they travel. This morning, the Labor

Department reported the prices last month climbed 9.1 percent compared to a year ago higher than

expected. That includes gas prices up more than 59 percent, although prices are currently down

from a month ago. The price for new cars up more than 11 percent. The price for food up 10 percent.

And housing costs up more than five and a half percent. Today's report comes less than a week

after the administration received some good economic news with June's jobs report showing

more than 370,000 new jobs were created last month. It poses a tremendous challenge for policymakers and the

White House as the Federal Reserve prepares to raise interest rates yet again to try to cool demand.

But at these levels, there are growing concerns that the only way to tame 9% inflation might be to tip

the U.S. into a recession. In a statement, President Biden called today's report, quote,

out of date, citing falling gas prices. He also called inflation his top priority while calling on

oil and gas companies in Congress to take action to ensure prices continue to drop.

Now, the president's top economic advisor echoed those demands.

There's one thing to take away from this report. It's that there is more urgency now than ever

in Congress moving to pass a bill to try to build more domestic semiconductors, to try to bring

down the price of those goods. You see across this report, things like used cars and new vehicles,

...