WASHINGTON — The June producer price data are not as bad as on their face, reflecting in part a severe seasonal adjustment for energy prices. And July energy prices are steady to lower, suggesting there could be retracement ahead.

June PPI was up 0.8% (it biggest gain since September 2012), and core was up 0.2% (0.162% unrounded). These produced over-the-year gains of 2.5% overall (a new 12-month high pace) and 1.7% core.

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