Higher prices of “core products” do not comprise a recession under any measure. If I used to spend $150 a month on gasoline and now I’m spending $300 per month, that extra $150 has to come from somewhere. Maybe I reduce my spending on movies, ballgames, cable TV, etc. by $150 . . . but my miniscule contribution to the nation’s GDP hasn’t changed at all.
Heck, I bet you could even drive down food prices if you ate out of a dumpster.
No, but that is an example of first how government reports do not accurately reflect economic reality and, second, an event which can lead to a recessionary environment.
Economic growth depends on discretionary spending, and higher costs of necessities reduce discretionary spending.