♪ this is "nightline." >> tonight, inflation nation. skyrocketing prices from food -- >> i'm probably spending a good $50 to $75 more a week on groceries. >> to gas, to homes. >> inflation today is at the highest level it's been in 40 years. >> as some young americans reach a breaking point. >> so my option was to ask my family member for some money. plus leave no trace. >> parents gave the boy scouts the most valuable thing they had, their children. >> a new documentary chronicling decades of allegations of sexual abuse in the boy scouts. >> i was abused over a period of three years. >> the secret files and proposed

settlement, what would be the largest sexual abuse payout in history. >> this is a reckoning. >> inside the journey from victim to survivor. >> you can have a wonderfully amazing life and be grateful for the life you have. "squid game: the challenge." the popular netflix series gets real. e. the popular netflix series gets real.

another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™ ♪

thank you so much for joining us. i'm gio benitez. everywhere you turn, prices are going up. inflation seems to be out of control. and today the federal reserve going on the offensive, doing something it hasn't done in nearly 30 years, raising it key interest rate by three-quarters of a point. bill it work? here's abc's chief business economics and technology correspondent rebecca jarvis. >> kind of just never really hungry in the mornings. usually a cup of coffee or tea holds me over. >> reporter: there's a moment in every young person's life when you feel like things are starting to come together. your job's going well. your home is in order. you're paying your bills. but for nata kondua, that moment

has been painfully elusive. >> you try to be independent, but you're realizing you need a lot more help. your independence kind of has a different outlook than what you imagined it would be. >> reporter: at 26, he has a job and an apartment he shares with roommates. but still, the struggle to make ends meet has been a sealingly ne seemingly never-ending challenge. across the country, an economic conundrum is brewing. prices surging on just about everything, up 8.6% from a year ago. >> a healthy, well-functioning economy should have an average inflation rate of 2%. inflation today is at the highest level it's been in 40 years. >> reporter: and it's impossible to miss. groceries up nearly 12%. gas up nearly 50%. air travel, home prices, rent all way up. >> inflation in the most simplest form is a general increase in prices.

as prices go up, the resulting impact for consumers is that their purchasing power comes down. >> reporter: and today the federal reserve announced it's raising its key interest rate by three-quarters of a percent, the largest hike in nearly 30 years, aimed at combating inflation. in the process, making it more expensive to get credit. that means credit cards, car loans, home mortgages, they all cost more now. >> as the federal reserve is changing their policy, they may accidentally push the economy into recession. but in doing so, they're trying to get the level of inflation back down to something more manageable and something more healthy. >> reporter: what's not going up, the stock market. now officially in what's known as a bear market. the s&p 500, which is what's reflected in most retirement accounts, has plunged more than 20% from its january peak, wiping out trillions of dollars in savings. so what exactly does it all mean, and how did we get here? to answer that question, you

have to look at two issues. supply and demand. over the last year, between major pandemic disruptions and russia's prolonged war with ukraine, the supply chain has faced unprecedented shocks. but the other issue is demand. for two years, americans sat home and conserved. we didn't go out to eat, we didn't travel, we saved an estimated $2 trillion, and the government pumped $5 trillion into the economy. when things started opening up again, it was like a floodgate had opened. even with prices surging, americans wanted more. and now it's all catching up. so after 13 years of the federal reserve keeping interest rates near zero, injecting its own form of stimulus into the economy, which has also led stocks, home prices, even crypto higher, the fed is turning the page, hiking interest rates, slowing the economy down in order to tame prices before they

can really do it without causing a recession. nana found himself in a particularly vulnerable spot in june after changing jobs and going over two weeks without a paycheck. >> rent is due. i was scratching for cash. so my kind of option was to ask my family member for some money. >> reporter: nana asked his parents for a $1,000 loan as a kind of bridge. his family came through, but the emotional interest rate was high. >> i kind of was a little embarrassed at first to ask. just knowing that it wasn't going to be, like, an everyday thing. >> i would say i'm probably spending a good $50 to $75 more a week on groceries.

i think meat products have dramatically increased. basic things like oil, flour, sugar. >> blueberries were $12 a box at one point, so that was out. $5 for an avocado, that was out. things like that. >> shocking to see how things have gone up. >> reporter: it's not just consumers who are feeling the pinch. small business owners like john decicco in eastchester, new york, are facing tough choices too. >> we try to pass on the least amount as we possibly can, to help out the consumer. but it's almost impossible. things are going up every week. >> reporter: seeing their own costs rising, dealing with labor shortages, and even shrink flation. >> i just got a list of probably 1,000 items. the sizes are smaller and smaller and smaller to make up. so the consumer isn't feeling the pinch in a way. they have all kinds of gimmicks,

but unfortunately, they have to do these things because everything's going up for them also. the fuel, the labor, everything. like you can't hide from it, this inflation. >> reporter: and everyday necessities like medications are not immune. in the heart of lower manhattan, hudson square pharmacy is your quintessential neighborhood drugstore, and alan solman is your convince associate neighborhood pharmacist. >> i've been in this business since the late '70s when i was a stock boy at a local neighborhood pharmacy. ended up going to pharmacy school, graduated in '81, and i've been a pharmacist since then. >> reporter: but where customers depend on him for everything from medicine to face creams to baby products, he's felt the pinch of inflation in every part of his business. you deal in goods that are necessities for people?

>> correct. >> how is that impacting your customer? >> they are pretty nervous about having to get certain medications. there's shortages of a lot of medication. and instead of giving people the service of getting medication the same day, the next day, it may take a week or two. >> what's happened to labor here, to the number of people that you employ? >> since covid, we've greatly cut down on our staff. i've had to lay off a pharmacist, so i'm working a lot more hours. we only have one person at the registerso we've cut our staff probably 70%. you can ask the manager up front, they may know -- >> reporter: walking through the aisles he's had to deep with a shopkeeper's worst nightmare, empty shelves. >> face wipes, a very big seller, has been out of stock. some of the other selective products we can't replenish at the moment. >> people hear about baby formula, but there's a lot of these other little areas where

there are shortages as well? >> oh, of course. of course. >> reporter: but nana isn't giving up on the american dream just yet. he says he's working a new job and getting his own financial house in order so he can eventually buy a real one someday. >> switch my game man a little bit. working on increasing my credit a it bit. with a better credit score, you have a better opportunity for a loan. then eventually try to buy a house or apartment or condo. >> our thanks to rebecca. up next, we go behind the scenes of the new documentary on the boy scouts sexual abuse scandal. if your moderate to severe crohn's disease or ulcerative colitis symptoms are stopping you in your tracks... choose stelara® from the start... and move toward relief after the first dose...

with injections every two months. stelara® may increase your risk of infections, some serious, and cancer. before treatment, get tested for tb. tell your doctor if you have an infection, flu-like symptoms, sores, new skin growths, have had cancer, or if you need a vaccine. pres, a rare, potentially fatal brain condition, may be possible. some serious allergic reactions and lung inflammation can occur. feel unstoppable. ask your doctor how lasting remission can start with stelara®. janssen can help you explore cost support options. want a worry-free way to kill bugs? zevo traps use light, not odors or chemical insecticides, to attract and trap flying insects. they work continuously so you don't have to. zevo. people-friendly. bug-deadly. [♪♪] if you have diabetes,. it's important to have confidence in the nutritional drink you choose. try boost glucose control®. it's clinically shown to help manage blood sugar levels and contains high quality protein

to help manage hunger and support muscle health. try boost® today. (♪ ♪) (♪ ♪)

♪ the enormity of the scandal shocked the nation. allegations of sexual abuse against the boy scouts organization going out many decades. now some of the survivors are speaking out in the documentary "leave no trace." >> scout is trustworthy, loyal, courteous, kind, obedient. i think that's the one that got a lot of scouts in trouble. >> reporter: according to former new jersey boy scout john humphrey, that trouble started in 1972 just 12 years old. he says his scout master abused him. >> i was abused over a period of three years. probably well over 200 times by

my scout master, who was also my assistant principal, my band leader, my soccer coach. and had unfettered access to me. so i stuffed it away in a place, and i never talked to anybody about it. >> reporter: a painful secret he says he kept to himself until 2017. >> it changes your life. when you come out. i mean, it's cost me a job, income. the difficulty to maintain employment. either because you get some domineering boss and you just want to tell them to jump in the lake, or you can't stay focused. >> reporter: now john is sharing his story in the harrowing new documentary on hulu, "leave no trace: a hidden history of the boy scouts." >> parents gave the boy scouts the most valuable thing they had, their children. >> reporter: shining a light on survivors of sexual abuse and a century-long scandal inside the boy scouts of america, the organization concealing there were pedophiles in their ranks.

>> when the detective said, he confessed to abuse. i must have read that email 100 times. because i know i didn't have to prove to people i was abused. i was free. >> reporter: the documentary speaking with five other survivors. >> it wasn't even a week within i got there, he started doing stuff. i just thought, what is going on? and is this normal? it just -- it got much worse from that. >> when i started interviewing these survivors, i realized these are the true boy scouts. they're honorable, they're brave, they're courageous. >> reporter: irene taylor is the film's director and mother of boy scouts herself. >> they were telling their story at their own personal expense, to a certain degree. and they were doing it because it was the right thing to do.

>> now that breaking news involving the boy scouts. the 110-year-old organization filing for bankruptcy -- >> reporter: in february 2020, the boy scouts of america went into financial bankruptcy to help pay for a compensation fund after facing hundreds of sexual abuse lawsuits spanning decades. >> i don't think back in 2020 anyone had an idea of the depth of this. because over the course of the year after bsa filed bankruptcy, 82,000 men came forward. >> reporter: earlier this year, survivors voted to accept a proposed $2.7 billion settlement from the boy scouts of america as part of its reorganization plan. if approved, it would be the largest sexual abuse payout in american history. >> this is a reckoning. this bankruptcy is really a reckoning, i think, for them. and i think it remains to be seen if financially the organization can survive. >> we're not really in this for justice, you know. the best we could hope for is a settlement that puts money in some people's pockets where they

can make their life just a little bit easier. >> identified over 1,000 men that were using the program to abuse boys -- >> reporter: the documentary explores how the organization kept records now known as "the perversion files." >> these were meticulous files that the bsa kept, showing they were aware there were pedophiles circulating troop to troop, state to state. they pretty much were sitting on the information and not doing anything about it. >> reporter: irene says the perversion files is the largest compiled data on pedophiles living in the country. >> this data is a mountain of very important information that can help us get to the really important question moving forward, which is, how do we identify pedophiles in our midst? how do we address the desire for men to have sex with children? and that needs to be addressed. >> reporter: in response to the documentary, the boy scouts said, we are deeply sorry for the pain endured by survivors of

abuse. while there are aspects of the film that mischaracterize the bsa's policies and actions, rather than challenge these inaccuracies, our focus is on supporting survivors. >> it's about boy scouts admitting that they did wrong. and they allowed wrong to happen on their watch. >> i see the power of storytelling as a healing force. >> reporter: john hopes this film becomes a voice for survivors. >> it's terribly difficult the first couple of times you tell your story, and it gets easier over time because you realize you're not alone. you realize it's not your fault, and you realize you were dealing with an adult that could outthink you every which way from tuesday. >> the journey is from victim to survivor. and if you can honestly get to that place in life, then you can have an amazingly wonderful life and be grateful for the life that you had.

>> "leave no trace" premieres tomorrow on hulu and in select theater. it is a presentation of abc news studios with imagine documentaries and vermilion films. when we come, the "squid game" spinoff that will take fans closer to reality. febreze fabric refresher. i literally use this every day. to make my house smell amazing. after i make the bed, after my dog jumps off the couch. so i can wear my jacket or jeans one more time, before i wash them again. it even makes shoes smell fresh. it doesn't cover up odors with scent... but actually eliminates them! ♪ over one thousand uses. febreze fabric refresher. more protection, more sun, more joy. neutrogena® beach defense® the suncare brand used most by dermatologists

and their families, neutrogena® for people with skin. when you can't sleep... try zzzquil pure zzz's gummies. they help you fall asleep naturally with an optimal dose of melatonin. and a complementary botanical blend. so you can wake up refreshed. for better sleep, like never before.

♪ finally here tonight, just when you thought "squid game" couldn't get any more exciting. the creators are taking some fans even closer to the action. here's abc's will reeve.

♪ >> reporter: hear that? the ominous song that struck fear into the hearts of millions around the world. "squid game" is back. the most popular series ever on netflix. this time for real. sort of. a newly announced reality show with 456 competitors and $4.56 million at stake for the winner. sound familiar? "squid game: the challenge" comes amid struggles at netflix. its stock price down more than 70% so far this year after the company announced a steep loss in subscribers. >> they are looking to bring subscribers back. what better way to do that than bring back the "squid game" audience. >> reporter: perhaps an attempt to capitalize on the massive success of the ultra-violent korean language thriller that swept the globe last fall. this show reaching number one in at least 94 countries, translated into over 30 languages, even earning awards season love. >> and i love you, my "squid

game" crew! >> reporter: fans sharing attempts to recreate the playground games featured in the series on social media. the show's creator and director told us he finds inspiration in the fan theorys and plot ideas he sees online. >> maybe i'll go through all of it again after writing season two. i'll steal ideas from the fans. >> reporter: it looks like he'll finally get that chance, now that the show has officially been renewed for a second season. >> and that is "nightline." you can watch all our full episodes on hulu. we'll see you back here tomorrow. thanks for stayin up with us. good night, america.

when it comes to cybersecurity, the biggest threats don't always strike the biggest targets. so help safeguard your small business with comcast business securityedge™