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Or .4% is much hotter than expected. and the government is saying the shelter, food, and medical care are the reasons why these -- this inflation rate went up. when you strip out food and energy and you look at the month over month increase, the core rate, it was still hot at .6%. so from last month to this month up .6 p% in prices:this is why e fed is so aggressive in interest rates. we know that officials will worry that he have been raising interest rates and the numbers are still too high. it shows the fed has more work to do, john? >> and that core inflation rate high. very high. you just...

Second straight quarter where the economy has contracted. wall street is focused on what's happening in jackson hole, wyoming, where the fed is holding its annual summit. all eyes are on chair jerome powell, what he will say about interest rates, where the economy is headed and any plans the fed has to cool down inflation without causing a recession. economics reporter steve liesman is there in wyoming. with us ron insana, senior analyst and commentator and adviser to schroeder and a. help us make ceps to the new numbers first. what does it say about where we stand in tackling inflation? >> th...

Cnn and cnn.com. and don't forget to downlooted "5 things" podcast every morning, go to cnn.com/5things. you can also find it wherever you get your podcasts. all right, just in, the july retail sales report. cnn chief business correspondent christine romans here with the numbers. >> hi, guys. 's pi another piece of the puzzle on the economy. retail sales in july did not grow from june. they were essentially flat here and the reason, gasoline prices fell pretty sharply in the month, so that's reflected in this number. gas prices were falling. this gives some relief to american families who co...

You saw car sales, auto sales fall a little bit here. but when you strip out autos and gasoline, you had a stronger core rate of inflation -- core rate of retail sales than many people had expected. year over year, sales up 10.3%. so when you dig into this number a little bit, you're still seeing signs of a resilient consumer. it is so interesting, especially that gas price number was really a relief for so many families. that's kind of a game changer here. when you talk to economists, many are saying these are not recessionary numbers we're seeing. we're seeing a consumer who will change mayb...

Over a year ago. neil: you know what's interesting too, and i talked to jared bernstein week, economic adviser to the president, and they said that is not appreciate here, those gas prices that have been rising over the last 29 days, and that trend will be better reflected many future data. but i'm reminded that the core rate which factors out food and energy, that was sill up almost 6%, that, too, a near 40-year high. crickets in response. what do you think? >> well, and they are dropping, to your point, 45 cents essentially in the last month, but again, you have to look over at what most ame...