CNBC’s Andrew Ross Sorkin said Tuesday’s Consumer Price Index (CPI) report was not good news for the White House, despite President Joe Biden’s insistence to the contrary.

The CPI report for the month of August showed that core prices, which measure all prices less food and energy, remained at 6.3%, a bit higher than July’s 5.9%, according to the U.S. Bureau of Labor Statistics (BLS). While the energy index fell to 5% from July, energy costs have gone up 23.8% year-on-year, according to the BLS. Meanwhile food prices had the largest year-on-year increase in 43 years, with an 11.4% increase in national food prices. Shelter prices also increased to 6.2% year-on-year, compared with 5.7% in July.

President Biden said Tuesday that the data was hopeful.

“Today’s data show more progress in bringing global inflation down in the US economy. Overall, prices have been essentially flat in our country these last two months: that is welcome news for American families, with more work still to do,” the president said.

Despite insistence from the White House, Sorkin said the report was not a good sign for the economy while on MSNBC’s “Morning Joe.”

“If you are the White House this morning, if you’re the Federal Reserve this morning, if you’re an American this morning, these are not good numbers at all,” Sorkin said. “You are looking at the stock market down over 500 points on the DOW right now, so we are looking at little over 2% down.”

Sorkin added while gas prices may slowly be decreasing, there is a “silent inflation” or a kind of inflation that is “not as visible to folks.” (RELATED: ‘They Spent More!’: CNBC Editor Blasts White House Policies For Inflation)

“Which is to say that what we actually saw was that inflation has continued or at least persisted, if you will, in large part we’re seeing it somewhat in food but definitely seeing it in health care and you’re seeing it in shelter,” Sorkin said during the segment.

Sorkin said that rent is increasing and, with wages also increasing, it is causing a “conundrum.”

“The Federal Reserve is going to continue to raise interest rates,” Sorkin said. “Before today, there was an expectation maybe a 50 basis points or maybe 75. Now I think it’s almost baked in the cake, it’s got to be 75 basis points, maybe even 100 basis points, and that’s why you’re seeing the stock market falling because the only instrument the Fed really has is to make things more expensive. And the hope is that if you make it more expensive, maybe you can tamp down inflation,” he concluded.