As we come on the air, the coffin of Queen E is now at Buckingham Palace. It was an emotional return to the home as thousands lined the streets of London to catch a glimpse of the only monarch that many of other may have ever known. The late queen arrived at the palace for the final time, her official residence during her seventy-year-reign. The day began in Scotland as her coffin was carried from St. Giles Cathedral and driven to Edinburgh airport for her final journey home. Also arriving at Buckingham Palace tonight, Prince W and Princess K as well as Prince H and his wife M for a private family gathering. We take you to the Buckingham Palace in a moment but the first the big story here in the US, another disappointing report on inflation as prices unexpected rose in August and remain nearly a forty year high. The consumer price index for August was up 8.3% compared to one year ago as the cost of almost everything keeps going up. Wall Street reacted with a major sell-off with the DOW and S&P 500 suffering their worst day since June of 2020. The tech-heavy NASDAQ dropped more than 5%.

Today’s report dashed hopes that inflation had officially peaked and was on its way down. Instead, the prices of nearly all goods actually crept up, and wages can’t keep pace. Government figures confirmed what most consumers already sense, inflation isn’t easing. Groceries up 13.5% since last year, electricity up 15.8%, car repairs up 9.1%, rent up 6.7%. The bottom line according to Moody’s, the average household spending four hundred and sixty dollars more a month to buy the same goods and services as last year. That rate sent stocks tumbling today, the S&P sank by more than 4% as the markets brace for more interest rate hikes from the Federal Reserve in bid to cool the economy. Typically, lower gas prices bring down the cost of other goods. But so far that hasn’t happened, even though the average price of a gallon of gas fell twenty six cents in the past month.