Consumer prices rebounded in June, but that's not the whole story

New York (CNN Business) - Consumer prices rose in June after three straight months of declines, as the cost of gas and food increased.

The consumer price index, which measures what Americans pay for everything from clothing to appliances, rose 0.6% last month on a seasonally adjusted basis, the Bureau of Labor Statistics said Tuesday. In May, prices declined 0.1%.
The consumer price index is a closely watched indicator during recessions. The National Bureau of Economic Research said last month that the United States entered a recession in February.
Price increases are an encouraging sign of consumer spending — but Chris Rupkey, chief financial economist at MUFG Union Bank, warned in a note after Tuesday's numbers that "inflation is unlikely to reappear on the radar screens of Federal Reserve officials for years."
He predicts that "consumer inflation will remain low for the foreseeable future, except for a few Covid-19 price shocks from items in high demand like food at home."
The gasoline index soared 12.3% in June, while food prices rose 0.6%.