WASHINGTON — May consumer price index data was a little better than expected, as overall CPI printed 0.1% higher and core rose 0.1%  — 0.1446% unrounded — reflecting offsetting crosscurrents in prices.

Overall CPI was down 1.3% over the year in its biggest drop since April 1950, but core printed up 1.8% over the year, and the latter is probably a better reflection of the pace of underlying inflation.

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