High inflation hampers summer travel plans
Vacation inflation is hitting summer travelers. Airfare, hotel and rental car costs have skyrocketed compared to recent years. Kris Van Cleave takes a look.
Inflation
U.S. inflation surging at fastest pace in 40 years
Prices are skyrocketing as inflation is surging at its fastest pace in more than 40 years. Rampant inflation is hitting America's pocketbooks, but it's also impacting President Biden, as surveys show Americans see it as the nation's top problem. Ed O'Keefe has the latest.
Rental cars, flights, hotels: How vacation inflation is impacting travelers
The U.S. Department of Labor reported Friday that inflation accelerated across the U.S. in May, jumping to 8.6%.
Need a new car? Expect to pay above sticker price
If you can find a vehicle for the manufacturer's suggested retail price, that's considered a good deal right now.
White House economist addresses inflation
The U.S. Department of Labor reported Friday that inflation reached its highest rate in more than 40 years in May. CBS News' Tanya Rivero and Michelle Miller spoke with Jared Bernstein, a member of the White House's Council of Economic Advisers, about the Biden Administration's response to surging prices.
Biden to speak on the state of the economy
President Biden will address the rising levels of inflation in a speech Friday as prices of food, gas and other necessities are reaching record highs. Washington Post White House reporter Sean Sullivan joins CBS News with a preview the administrations plans.
Inflation rate hits new 40-year high
The U.S. Labor Department reports inflation reached a new 40-year high at 8.6%. Wall Street Journal reporter Dion Rabouin breaks down what this means for the economy, and what steps the Federal Reserve should consider to combat rising prices.
Stocks plunge as inflation soars at fastest pace in 4 decades
May surge in consumer prices raises odds that the Fed will continue to sharply hike interest rates.
Stock market hit by inflation fears
Stock markets tanked early Friday after news that May's Consumer Price Index rose more than economists expected. Melissa Armo, founder and owner of The Stock Swoosh, LLC, joined CBS News to discuss the market's reaction to rising inflation.
Biden to address rising inflation at summit
After an uptick in the latest Consumer Price Index report, President Biden plans to speak about rising inflation, record gas prices and supply chain disruptions. CBS News senior White House and political correspondent Ed O'Keefe joined Vladimir Duthiers and Anne-Marie Green with more on the administration's plans to help consumers.
Consumer prices continue to rise
The Consumer Price Index jumped 1% in May 2022, representing an 8.6% bump year-over-year. That's the largest 12-month increase in more than four decades. CBS News reporter Sarah Ewall-Wice joined Anne-Marie Green and Vladimir Duthiers to discuss how inflation and higher prices are impacting Americans.
What is stagflation, and should we be worrying about it?
Soaring prices and slowing growth are alarming economists, who warn that we could see a replay of the turbulent 1970s.
Soaring gas prices impact American drivers
The price of gas hit another all-time high as the national average nears $5 a gallon. Carter Evans has more on how it's affecting small business owners.
Stocks slide as investors fret about inflation
Dow dives more than 600 points as central bankers struggle to contain spiraling food, energy and other prices.
Europe to hike interest rates for first time in 11 years
Russia's war in Ukraine has sent shock waves through the EU economy, particularly through rising energy prices.
6/8: Red and Blue
Gas prices reach record high average per gallon; Biden to attend G7 & NATO meetings on Ukraine
Stocks fall as trading wobbles along with investor confidence
Trading remains choppy as investors try to determine how rising interest rates and inflation will impact economy.
Stocks fall as inflation fears continue
Yahoo! Finance reporter Emily McCormick speaks with CBS News' Tanya Rivero and Elaine Quijano about the factors causing the U.S. stock market to fluctuate.
Smaller boxes in cereal aisle? Say hello to shrinkflation.
Manufacturers are again downsizing packaging in an effort to ease the hit from inflation. Are they going too far?
World Bank warns of rising stagflation risk
The World Bank's latest "Global Economic Prospects" report projects stagflation will coincide with a slowdown in global growth. CBS News' Tanya Rivero and Elaine Quijano sit down with Franziska Ohnsorge, the manager of the development prospects group for the World Bank, to break down the report and its troubling forecast of the global economy.
OECD: War in Ukraine will drag down global economy
"The war could spark starvation. It could cause social unrest and political turmoil," OECD chief economist said.
6/7: Red and Blue
Biden administration aiming to combat inflation; FDA advisory panel discusses Novavax COVID vaccine
U.S. gas prices hit record-high
Americans are paying record-high prices for gasoline as the summer travel season kicks off. CBS News correspondent Carter Evans has more on the rising gas prices. Then, John Leer, the chief economist for Morning Consult, joins Lana Zak on CBS News to discuss the U.S. economy and more.
Soaring gas prices hit new record
The national average for a gallon of gas hit $4.91. In 13 states, it's above $5 a gallon. Carter Evans has more.
Gas prices soar to new record highs
Gas prices have once again soared to a new record high. The national average for a gallon of gas is now $4.92. That’s up nearly $2 from the same time last year. CBS News correspondent Carter Evans is in Los Angeles, which has some of the nation’s highest gas prices. He joins Tanya Rivero and Elaine Quijano for more on this.
Trump tariffs could hike prices for many products, including these items
Tariffs on U.S. imports would raise prices for consumers on a range of goods, experts say. Here's what to know.
3 Americans held for years in China released, White House says
Mark Swidan, Kai Li, and John Leung have been released from detention, a spokesperson for the National Security Council said.
Zuckerberg meets with Trump at Mar-a-Lago
The tech CEO has been seeking to change his company's perception on the right following a rocky relationship with President-elect Donald Trump.
Israel-Hezbollah ceasefire takes hold, fueling new push for Gaza truce
As Israel and Hezbollah cease fire after a year, President Biden says Palestinians in war-torn Gaza also "deserve an end of the fighting and displacement."
Stowaway caught after getting aboard Delta flight from New York City to Paris
The woman boarded Delta Flight No. 264 from John F. Kennedy International Airport to Paris Charles de Gaulle Airport, CBS News learned. She was discovered while the plane was in midair and was taken into custody in Paris.
Trump team says threats, swatting incidents against Cabinet picks being probed
President Biden has been briefed on the incidents and "unequivocally" condemns threats of political violence, the White House said.
Trump tariffs on Canada imports could bring sharply higher gas prices
Donald Trump's proposed tariffs on Canada could increase U.S. gas prices by up to 70 cents a gallon, energy experts say.
Has tipping reached a tipping point?
A November 2023 survey from the Pew Research Center found that 72% of people think tipping is expected in more places than it was five years ago.
Sean "Diddy" Combs denied bail again ahead of sex trafficking trial
Sean "Diddy" Combs' lawyers again asked the rapper be released on bond ahead of his trial, but the request was denied.
U.S.
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Zuckerberg meets with Trump at Mar-a-Lago
The tech CEO has been seeking to change his company's perception on the right following a rocky relationship with President-elect Donald Trump.
Stowaway caught after getting aboard Delta flight from New York City to Paris
The woman boarded Delta Flight No. 264 from John F. Kennedy International Airport to Paris Charles de Gaulle Airport, CBS News learned. She was discovered while the plane was in midair and was taken into custody in Paris.
New Jersey farmers struggle amid drought conditions
Before temperatures dip to single digits, the cranberry bogs at the Lee Brothers Cranberry Farm will have to be flooded to keep the fragile buds from drying out.
Has tipping reached a tipping point?
A November 2023 survey from the Pew Research Center found that 72% of people think tipping is expected in more places than it was five years ago.
Arizona executions to resume, attorney general says
Arizona Attorney General Kris Mayes said that she will soon seek an execution warrant for Aaron Brian Gunches, who is on death row for killing his girlfriend's ex-husband.
MoneyWatch
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Has tipping reached a tipping point?
A November 2023 survey from the Pew Research Center found that 72% of people think tipping is expected in more places than it was five years ago.
How Trump's economic agenda could affect mortgage rates in 2025
Here's what a noted housing expert thinks will happen to mortgage rates next year as Donald Trump outlines his priorities.
Trump tariffs on Canada imports could bring sharply higher gas prices
Donald Trump's proposed tariffs on Canada could increase U.S. gas prices by up to 70 cents a gallon, energy experts say.
What's hot in kids toys this holiday season — and what to avoid
Consumers are expected to open their wallets this holiday season, with these children's toys high on the list.
A toddler got a nasal swab test. So why was the bill $445?
An Illinois mom got stuck with a big bill after taking her 3-year-old to the ER but never seeing a doctor. "It's mind-blowing," she said.
Politics
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Zuckerberg meets with Trump at Mar-a-Lago
The tech CEO has been seeking to change his company's perception on the right following a rocky relationship with President-elect Donald Trump.
Ex-Sen. Bob Menendez seeks new trial
Former Sen. Bob Menendez, a Democrat from New Jersey, was convicted of 16 felony counts in July.
Trump taps retired Gen. Keith Kellogg for Ukraine envoy
Keith Kellogg, a retired lieutenant general, served as national security adviser to former Vice President Mike Pence.
Trump team says threats, swatting incidents against multiple Cabinet picks being investigated
President Biden has been briefed on the incidents and "unequivocally" condemns threats of political violence, the White House said.
Trump team signs some, but not all, critical transition documents
The Trump transition team has yet to sign key agreements with the Justice Department or General Services Administration, White House officials say.
HealthWatch
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A toddler got a nasal swab test. So why was the bill $445?
An Illinois mom got stuck with a big bill after taking her 3-year-old to the ER but never seeing a doctor. "It's mind-blowing," she said.
Why we eat turkey on Thanksgiving, according to history
Why is Thanksgiving traditionally associated with turkey and other specific foods? We asked a history expert why we eat what we do on the holiday.
How to safely cook your turkey — and how long to keep leftovers
If you're looking forward to a delicious — and safe — Thanksgiving dinner with loved ones, here's how to cook your turkey and keep your leftovers safely.
Biden administration set to miss chance to lock in new food guidelines
A federal panel has been meeting for months to draft recommendations.
Trump taps Jay Bhattacharya as director of the National Institutes of Health
Dr. Jay Bhattacharya, who has faced restrictions on social media platforms because of his views, was a critic of pandemic lockdowns and vaccine mandates.
World
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Russia bombs Ukraine's energy sector as temperatures plummet
Ukraine's Zelenskyy says Russian "tactics of terror" are clear with the latest massive attack on energy infrastructure as temperatures plummet.
Stowaway caught after getting aboard Delta flight from New York City to Paris
The woman boarded Delta Flight No. 264 from John F. Kennedy International Airport to Paris Charles de Gaulle Airport, CBS News learned. She was discovered while the plane was in midair and was taken into custody in Paris.
Trump taps retired Gen. Keith Kellogg for Ukraine envoy
Keith Kellogg, a retired lieutenant general, served as national security adviser to former Vice President Mike Pence.
Accused "Pink Panthers" member among 11 nabbed in cocaine bust
Police in the Balkans arrested 11 alleged members of a criminal syndicate responsible for smuggling cocaine from South America to Europe, officials said.
NASA shows off image of U.S. military's abandoned "city under the ice"
Scientists now have a clearer picture of Camp Century, an abandoned U.S. military base long hidden under the ice in Greenland, thanks to a NASA research team's good luck.
Entertainment
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Sean "Diddy" Combs denied bail again ahead of sex trafficking trial
Sean "Diddy" Combs' lawyers again asked the rapper be released on bond ahead of his trial, but the request was denied.
Grateful Dead remembers band member Phil Lesh
Members of the iconic band, the Grateful Dead, reflected on the impact bandmate Phil Lesh had on their lives and said they had hoped to play together again.
Grateful Dead bandmates remember Phil Lesh
Iconic band The Grateful Dead, is remembering one of the band's original members, Phil Lesh, who died in October at 84 years old. The surviving original members of the band credit Lesh for the impact he made in each of their lives and revealed they were hoping to play together one more time.
Harvey Weinstein accuses Rikers Island of substandard medical treatment
Harvey Weinstein's lawyers filed a legal claim alleging that he is receiving substandard medical treatment in unhygienic conditions while in custody at Rikers Island.
The Script on loss, resilience in new album
Irish band The Script continues to inspire with hits like "Hall of Fame," while moving forward after the loss of guitarist Mark Sheehan. Danny O'Donoghue talks to Natalie Morales about the band's journey, and how boxing helps him cope.
Technology
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Zuckerberg meets with Trump at Mar-a-Lago
The tech CEO has been seeking to change his company's perception on the right following a rocky relationship with President-elect Donald Trump.
Australian lawmakers advance bill to bar under-16s from social media
Australia's House of Representatives has passed a bill that would ban children under the age of 16 from using most social media platforms.
How AI powered robots are helping small farms
From labor shortages to environmental impacts, farmers are looking to AI to help revolutionize the agriculture industry. One California startup, Farm-ng, is tapping into the power of AI and robotics to perform a wide range of tasks, including seeding, weeding and harvesting.
AI grandma tool helps fend off phone scams
British phone company Virgin Media O2 has developed an AI-generated grandmother to talk to scammers all day and waste their time so you don't have to. CBS News Confirmed executive producer Melissa Mahtani has more on the "grandma" and how you can protect yourself from phone scams.
Starbucks impacted by ransomware attack on software vendor
Starbucks managers forced to rely on manual systems to handle baristas' pay, but customers unaffected.
Science
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NASA shows off image of U.S. military's abandoned "city under the ice"
Scientists now have a clearer picture of Camp Century, an abandoned U.S. military base long hidden under the ice in Greenland, thanks to a NASA research team's good luck.
Divided U.N. negotiations for plastic treaty
Negotiators are far apart as the United Nations tries to work out the world's first treaty to curb plastic pollution. Issues creating roadblocks include limiting new manufacturing of plastic and the potential phasing out of some chemicals. For more on the talks, CBS News was joined by Erin Simon, vice president and head of plastic waste and business for the World Wildlife Fund in the U.S.
Honolulu hopes to identify long-unclaimed bodies with advanced DNA testing
Forensic pathologists hope advanced DNA testing technology will enable them to attach names to all the unidentified people at the Honolulu Medical Examiner's Office.
Dishing up space food
At the Johnson Space Food Systems Laboratory in Houston, NASA scientists develop dishes – freeze-dried, heat-stabilized, or irradiated – to serve on the International Space Station. Correspondent David Pogue checks out what's on the menu in Earth orbit.
How are U.S. winters permanently changing?
This winter, the National Oceanic and Atmospheric Administration predicted above-average temperatures throughout the U.S. because of a "slowly developing" La Niña pattern. CBS News Sacramento meteorologist Tracy Humphrey reports on the changing winter conditions.
Crime
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Sean "Diddy" Combs denied bail again ahead of sex trafficking trial
Sean "Diddy" Combs' lawyers again asked the rapper be released on bond ahead of his trial, but the request was denied.
Accused "Pink Panthers" member among 11 nabbed in cocaine bust
Police in the Balkans arrested 11 alleged members of a criminal syndicate responsible for smuggling cocaine from South America to Europe, officials said.
Bombing suspect on most wanted list arrested
Daniel Andreas San Diego, a suspect in in two 2003 northern California bombings, was arrested in the U.K. this week. San Diego, who had been one of the FBI's most wanted terror suspects, now faces extradition.
Honolulu hopes to identify long-unclaimed bodies with advanced DNA testing
Forensic pathologists hope advanced DNA testing technology will enable them to attach names to all the unidentified people at the Honolulu Medical Examiner's Office.
Drug cartel reeling in huge profits with illegal fishing in Gulf of Mexico
The cartel allegedly uses fishing boats to smuggle drugs and migrants — and catch tons of red snapper, a commercially valuable but vulnerable species.
Space
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Webb telescope captures stunning new image of the "Sombrero galaxy"
The Sombrero galaxy, named for its resemblance to the Mexican hat, is about 30 million light-years from Earth.
Blue Origin launches 6 tourists to the edge of space
Marc and Sharon Hagle, both making their second space flight, were among the passengers for the NS-28 mission.
Blue Origin launches 9th space tourism flight
The ninth Blue Origin space tourism flight launched from West Texas Friday morning. CBS News space consultant Bill Harwood and space expert Scott Heidler offered analysis of the flight.
Trump, Musk attend SpaceX launch
President-elect Donald Trump attended SpaceX's sixth flight test of its Super Heavy-Starship on Tuesday with CEO Elon Musk. The burgeoning friendship between the two men played a key role in Trump's reelection, with Musk now set to run a government efficiency agency in the coming months. CBS News political reporter Jake Rosen and Politico aviation reporter Oriana Pawlyk join "America Decides" with more.
SpaceX launches Super Heavy-Starship, with Trump there to watch
President-elect Donald Trump was on hand with Elon Musk for the sixth test flight of SpaceX's huge Super Heavy-Starship rocket.
Latest Galleries
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Notable Deaths in 2024
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
Serial killer Rodney Alcala's secret photos
See some of convicted serial killer Rodney Alcala's photographs that were discovered by detectives in a Seattle storage locker.
The troubled marriage of Ashley and Doug Benefield
The seesaw marriage between the former ballerina and her much older husband only lasted four years, until she shot him on Sept. 27, 2020.
Evidence in "The Dexter Killer" case
A look at the evidence in "The Dexter Killer" case; plus, newly revealed letters from the man police say wanted to be like fictional serial killer Dexter Morgan.
Summer music heats up 2024
Live performances are in full swing this summer. Scroll through our concert gallery, featuring pictures by CBS News photojournalist Jake Barlow and photographers Ed Spinelli and Kirstine Walton.
Latest CBS News Videos
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Latest CBS News Videos
Beloved rescue dog on the loose in New Orleans
Scrim the rescue dog has become a familiar sight to some in New Orleans, as his face has been plastered on missing posters more than once. The well-known rescue dog has escaped once again, but recent sightings give people hope he'll be home again soon. Kati Weis has the story.
Threats made against Trump's picks
The FBI is investigating multiple threats made against some of President-elect Donald Trump's administration picks like Susie Wiles, Pam Bondi, Howard Lutnick and others. CBS News political reporter Libby Cathey has more on the attacks and the Trump transition.
Sean "Diddy" Combs' latest bail request denied
Sean "Diddy" Combs will not get out of jail on bail after a federal judge denied his latest request Wednesday.
Israel-Hezbollah ceasefire holds
The fighting between Israeli forces and the Iran-backed militant group Hezbollah forced over a million people to leave their homes. Some began returning to Southern Lebanon on Wednesday. CBS News foreign correspondent Debora Patta reports.
Macy's Thanksgiving Day Parade balloons
Something is in the air in New York City --it's the Macy's Thanksgiving Day Parade balloons! CBS News New York reporter Alecia Reid has more on the characters to expect and what's behind the fun display.