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  • THE SUPER BOWL IN LOS ANGELES

  • THIS WEEKEND.

  • >> Reporter: SOME PROTESTERS

  • BLOCKING THIS MAJOR CORRIDOR

  • BETWEEN THE U.S. AND CANADA SAY

  • THEY'LL RISK THEIR LIVES TO STAY

  • OUT HERE.

  • THREE NIGHTS ALREADY, NO SIGN OF

  • QUITTING.

  • >> YOU WOULD RISK YOUR LIFE

  • RATHER THAN LEAVE THIS PROTEST?

  • >> 100%.

  • ABSOLUTELY 100%.

  • >> Reporter: PROTESTS NOW

  • STARTING TO BITE DEEPLY INTO THE

  • ECONOMY.

  • SUPPLY CHAIN BOTTLENECKS, TRUCKS

  • BACKED UP FOR HOURS ACROSS THIS

  • BRIDGE AT PORT HURON.

  • AUTOMAKERS ON BOTH SIDES OF THE

  • BORDER STARTING TO SLOW OR

  • ALTOGETHER SUSPEND PRODUCTION.

  • WINDSOR'S MAYOR SAYS WHILE

  • CANADIANS HAVE THE RIGHT TO

  • PROTEST, PATIENCE FOR AN ILLEGAL

  • BLOCKADE IS RUNNING THIN.

  • >> THERE HAS TO BE A PATH GOING

  • FORWARD.

  • IF THAT'S PHYSICALLY REMOVING

  • THEM, WE'RE PREPARED TO DO THAT.

  • >> Reporter: THEY WANT ALL

  • CORONAVIRUS MANDATES AND

  • RESTRICTIONS LIFTED BEFORE THEY

  • SAY THEY'LL LEAVE.

  • >> I'M FIGHTING LIKE OUR

  • VETERANS DID FOR THE FREEDOM OF

  • OUR COUNTRY.

  • >> Reporter: PRIME MINISTER

  • JUSTIN TRUDEAU NOW A TARGET OVER

  • TOO MANY RULES.

  • THE PRIME MINISTER SO FAR NOT

  • BUDGING.

  • >> INDIVIDUALS ARE TRYING TO

  • BLOCKADE OUR ECONOMY, OUR

  • DEMO

  • DEMOCRACY, AND OUR FELLOW

  • CITIZENS' DAILY LIVES.

  • IT HAS TO STOP.

  • >> Reporter: MICHIGAN'S GOVERNOR

  • DEMANDING THAT THE BORDER

  • CROSSING BE REOPENED, CALLING

  • THE BLOCKADE UNACCEPTABLE.

  • ANTI-MANDATE ANGER SIMMERING FOR

  • WEEKS, STARTING WITH OPPOSITION

  • TO VACCINE MANDATES, EVEN THOUGH

  • GOVERNMENT STATISTICS SHOW MORE

  • THAN 80% OF CANADA'S TRUCKERS

  • ARE VACCINATED.

  • SOME PROVINCES SUCH AS

  • SASKATCHEWAN AND QUEBEC HAVE

  • RECENTLY ANNOUNCED PLANS TO ROLL

  • BACK COVID RESTRICTIONS.

  • BUT FOR THOSE WHO BELIEVE THE

  • GOVERNMENT HAS ROBBED THEM OF

  • THEIR LIVELIHOODS, THEY SAY IT'S

  • NOT ENOUGH.

  • >> YOU WANT THE ENTIRE COUNTRY?

  • >> NOT ONLY DO I WANT THE

  • PROVINCIAL ONES, I WANT THE

  • NATIONAL ONES DONE.

  • I WOULD LIKE TO SEE SOMETHING

  • WHERE THEY CAN'T HAPPEN AGAIN.

  • IF WE CAN GET THE RESTRICTIONS

  • GONE, THIS LITTLE BIT OF A

  • DISRUPTION IN OUR DAY TODAY FOR

  • THE NEXT WEEK OR TWO, WHATEVER

  • IT TAKES, THEY'LL THANK US FOR

  • I

  • IT.

  • >> Reporter: SO I WANT TO GIVE

  • YOU A SENSE OF HOW THESE

  • PROTESTS ARE GOING HERE EVERY

  • DAY HERE IN WINDSOR.

  • THE CROWD REALLY GROWS DURING

  • THE DAY.

  • YOU PROBABLY HAVE SEVERAL

  • HUNDRED PEOPLE OUT HERE RIGHT

  • NOW.

  • AT NIGHT MOST PEOPLE LEAVE,

  • OTHERS GO INTO THEIR CARS.

  • BUT THE RESOURCES ARE COMING IN

  • BOTH HERE AND WINDSOR AND THE

  • PRIME MINISTER TODAY SAYING HE

  • IS SENDING MORE RESOURCES,

  • POLICE RESOURCES TO OTHER

  • PROTESTS IN OTHER PARTS OF THE

  • COUNTRY.

  • CLEARLY PATIENCE ACROSS CANADA

  • ARE RUNNING OUT.

  • JAKE.

  • >> MIGUEL MARQUEZ, THANK YOU

  • VERY MUCH.

  • >>> THESE SUPPLY CHAIN WORRIES

  • COME AS WE LEARN INFLATION IS

  • NEAR A 40-YEAR HIGH, CLIMBING

  • 7.5% IN JUST 12 MONTHS.

  • WE LEARNED TODAY FROM THE BUREAU

  • OF LABOR STATISTICS.

  • IT'S THE STEEPEST RISE SINCE

  • 1982.

  • PRESIDENT BIDEN ACKNOWLEDGING

  • THAT INFLATION IS PUTTING STRESS

  • ON AMERICANS' BUDGETS.

  • IT'S ALSO A HUGE POLITICAL

  • LIABILITY FOR PRESIDENT BIDEN.

  • A NEW CNN POLL SHOWS NEARLY SIX

  • IN TEN AMERICANS DISAPPROVE OF

  • HIS TIME AS PRESIDENT.

  • 62% DISAPPROVE OF HIS HANDLING

  • OF THE ECONOMY WHILE 37%

  • APPROVE.

  • VANESSA NOW LOOKS INTO THE

  • GROWING STICKER SHOCK ON

  • EVERYTHING FROM CARS TO YOUR

  • GROCERY BILLS.

  • >> Reporter: YOU SEE IT AT

  • CHECKOUT, SEEMINGLY EVERYTHING

  • IS MORE EXPENSIVE.

  • THE BENCHMARK FOR PRICES, THE

  • CONSUMER PRICE INDEX, UP 0.6% IN

  • JANUARY AND 7.5% IN THE LAST 12

  • MONTHS.

  • THE HIGHEST JUMP IN NEARLY 40

  • YEARS.

  • >> THIS IS A CHALLENGE THAT IS

  • FIRST AND FOREMOST IN OUR

  • SIGHTS.

  • WE HAVE WAY MORE WORK TO DO.

  • >> Reporter: BIG INCREASES IN

  • CARS, GROCERIES AND ELECTRICITY

  • YEAR OVER YEAR, AND FOOD UP

  • NEARLY 1% IN JANUARY.

  • A HUGE SPIKE FROM DECEMBER.

  • >> IT'S A CONSTANT REJUGGLING OF

  • BUDGETS TO TRY TO KEEP UP WITH

  • THE FOOD PRICES LATELY.

  • >> Reporter: GAS DID DROP

  • BY 0.8% LAST MONTH, BUT WITH OIL

  • PRICES RISING, THAT LIKELY WON'T

  • LAST.

  • FILLING UP YOUR CAR COSTS 40%

  • MORE THAN IT DID A YEAR AGO.

  • >> I USED TO BUY ABOUT $20 BUT

  • I'M BUYING ABOUT $35.

  • >> FOR THE SAME AMOUNT?

  • >> YES.

  • FOR THE SAME QUANTITY.

  • >> Reporter: LAST MONTH, NEW

  • ALL-TIME PRICE RECORDS.

  • TRUCKS, SEAFOOD, MEALS AND

  • FURNITURE SAW THE HIGHEST JUMPS

  • EVER YEAR OVER YEAR.

  • AND USED CARS UP A WHOPPING

  • 40.5% IN THE LAST 12 MONTHS.

  • THIS BECAUSE OF SUPPLY CHAIN

  • SHORTAGES, PARTICULARLY THE

  • ELUSIVE SEMICONDUCTOR COMPUTER

  • CHIP, WHICH MEANS FEWER NEW CARS

  • ON THE MARKET.

  • >> WE'VE SEEN ANYWHERE FROM ZERO

  • CARS IN OUR LOT, NEW CARS NOW,

  • ZERO NEW CARS IN OUR LOT TO

  • HAVING AS MANY AS NINE, TEN, 12.

  • >> AND NOW TRUCKERS BLOCKING A

  • KEY TRADING ROUTE BETWEEN THE

  • U.S. AND CANADA, CUTTING

  • PRODUCTION AT GENERAL MOTORS AND

  • FORD PLANTS, WHICH COULD LEAD TO

  • HIGHER PRICES.

  • >> WE CAN'T HAVE A SITUATION

  • WHERE FAMILIES DON'T GET FOOD TO

  • THEIR TABLE.

  • >> Reporter: WHILE THE COST OF

  • SHELTER CLIMBED LESS THAN IT DID

  • IN DECEMBER, IT'S UP 4.4% SINCE

  • LAST YEAR.

  • IT'S THE LARGEST SHARE OF

  • MONTHLY EXPENSE FOR AMERICANS.

  • >> WHAT IS UNIQUE IN THE CURRENT

  • CYCLE IS THAT WE HAVE THIS

  • EXCEPTIONAL HOUSING SHORTAGE,

  • NOT ENOUGH HOMES FOR SALE, NOT

  • ENOUGH APARTMENTS AVAILABLE FOR

  • LEASING, AND CONSEQUENTLY THE

  • HOUSING COSTS IS RISING AND

  • POSSIBLY ACCELERATING FURTHER IN

  • THE UPCOMING MONTHS.

  • >> Reporter: INFLATION IS NOT

  • COOLING DOWN.

  • THIS IS WHERE THE FEDERAL

  • RESERVE STEPS IN.

  • THEIR SINGLE GREATEST TOOL TO

  • LOWER CONSUMER PRICES IS TO COOL

  • DEMAND BY RAISING INTEREST

  • RATES, WHICH THEY SIGNALLED

  • WOULD START IN MARCH.

  • >> ON A CAR, IT'S GOING TO BE A

  • LITTLE MORE DIFFICULT TO COOL

  • THAT DOWN, ONLY BECAUSE OF LACK

  • OF SUPPLY AND THE HUGE DEMAND

  • RIGHT NOW.

  • >> Reporter: SOME GOOD ECONOMIC

  • NEWS, GDP IS UP, UNEMPLOYMENT IS

  • LOW, AND WAGES ARE RISING.

  • BUT IT'S NOT KEEPING UP WITH THE

  • RISING INFLATION THAT WE ARE

  • SEEING.

  • MOODY'S ANALYTICS ESTIMATES THAT

  • U.S. HOUSEHOLDS ARE SPENDING ON

  • AVERAGE $250 MORE EVERY MONTH.

  • SO EVERYDAY CONSUMERS, JAKE,

  • THEY DON'T FEEL THINGS LIKE GDP,

  • THEY FEEL WHAT'S HAPPENING WITH

  • THEIR WALLETS.

  • THAT'S WHY THESE RISING PRICES

  • ON EVERYDAY ITEMS IS CAUSING

  • MANY AMERICANS TO STILL SOUR ON

  • THE ECONOMY.

  • >> VANESSA, THANKS SO MUCH.

  • LET'S BRING IN A CNN GLOBAL

  • ANALYST AND ASSOCIATE EDITOR AT

  • "THE FINANCIAL TIMES" AND

  • RICHARD QUEST, CNN BUSINESS

  • EDITOR AT LARGE.

  • RICHARD, FIRST TO YOU.

  • LET'S LOOK AT SOME OF THESE

  • PRICE SPIKES AT ALL-TIME HIGHS.

  • FURNITURE, NEW CARS, APPLIANCES,

  • RESTAURANT MEALS, NOT TO MENTION

  • STICKER SHOCK ON OTHER ITEMS

  • LIKE USED CARS, UP 40%.

  • ELECTRICITY UP 11%.

  • WE'VE WATCHED THESE PRICES GOING

  • UP FOR MONTHS.

  • WHAT SEEMS TO BE DRIVING THIS?

  • >> TWO FACTORS.

  • FIRSTLY THE SUPPLY CHAIN THAT WE

  • TALKED ABOUT.

  • YOU AND I HAVE TALKED ABOUT.

  • BASICALLY THE CRUNCH FROM CHINA

  • TO HERE.

  • NOT ENOUGH CONTAINERS, NOT

  • ENOUGH SHIPS, NOT ENOUGH PORTS.

  • VASTLY INCREASED DEMAND BECAUSE

  • PEOPLE WORKING FROM HOME.

  • AND DON'T FORGET THOSE WHO

  • WEREN'T LAID OFF HAVE GOT

  • DISPOSABLE INCOME TO SPEND SO

  • PEOPLE, THE CONSUMER, IS VERY

  • BUSY.

  • THAT'S THE OTHER SIDE.

  • THIS IS ECONOMICS 101.

  • YOU KNOW THE OLDEST RULE, WHEN

  • DEMAND CHASES SUPPLY, PRICES GO

  • UP.

  • AND THAT'S WHAT YOU'RE SEEING.

  • CONSUMERS WITH MONEY BUYING MORE

  • STUFF, SUPPLIES CAN'T GET IT TO

  • YOU.

  • AND YOU HAVE THIS DEPRESSING

  • CYCLE, THIS SPIRAL THAT JUST

  • GOES ON.

  • I'LL TELL YOU WHY IT'S

  • PARTICULARLY WORRYING, BECAUSE

  • EVENTUALLY THIS FEEDS THROUGH TO

  • WAGES.

  • PEOPLE NATURALLY, JAKE, WANT

  • MORE HIGHER WAGES, BECAUSE

  • THEY'RE PAYING MORE FOR

  • EVERYTHING.

  • THE FED COMES IN, PUTS INTEREST

  • RATES UP, AND ET AL. IT ALL CO

  • >> 3M IS THE COMPANY AT THAT

  • MAKES N-95 FACE MASKS IN

  • ADDITION TO ADHESIVES AND OFFICE

  • SUPPLIES.

  • ACCORDING TO A TRANSCRIPT OF

  • THEIR EARNINGS CALL, COMPANY

  • EXECUTIVES APPLAUDED THEIR OWN

  • COMPANY FOR RAISING PRICES.

  • THE CFO SAYING THE TEAM HAS DONE

  • A MARVELOUS JOB IN DRIVING

  • PRICE.

  • OBVIOUSLY WHAT RICHARD SAID IS

  • ACCURATE IN TERMS OF ISSUES, BUT

  • I'M ALSO WONDERING HOW MUCH

  • PRICES ARE GOING UP BECAUSE OF

  • CORPORATE GREED AND COMPANIES

  • AND CEOs AND CFOs TAKING

  • ADVANTAGE OF THIS MOMENT?

  • >> WELL, YOU KNOW, IT'S A GREAT

  • QUESTION AND IT'S A QUESTION

  • THAT THE BIDEN ADMINISTRATION

  • HAS BEEN ASKING.

  • YOU KNOW, YOU'VE SEEN IN RECENT

  • WEEKS THE WHITE HOUSE SAYING

  • THAT THERE IS TOO MUCH

  • CONCENTRATION OF POWER IN

  • VARIOUS INDUSTRIES, THAT

  • COMPANIES HAVE GOTTEN TOO BIG,

  • THAT THEY DO HAVE TOO MUCH POWER

  • OVER THE ECONOMY.

  • THAT'S SOMETHING THAT I THINK

  • THAT YOU'RE GOING TO SEE

  • CONTINUE AS INFLATION CONTINUES

  • THROUGHOUT THE REST OF THE YEAR.

  • BUT YOU KNOW, JAKE, THERE'S ALSO

  • ANOTHER FACTOR THAT'S IMPORTANT

  • AND THAT'S POLITICS.

  • THE BLOCKADE THAT YOU'RE SEEING

  • AT THE CANADIAN BORDER IS

  • INDICATIVE OF WHAT WE'RE GOING

  • TO SEE GOING FORWARD.

  • RICHARD MENTIONED SUPPLY CHAIN

  • ISSUES WITH CHINA.

  • SOME OF THOSE ABOUT COVID BUT

  • SOME ARE ABOUT A FUNDAMENTAL

  • DECOUPLING HAPPENING IN THE

  • WORL

THE SUPER BOWL IN LOS ANGELES

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