WASHINGTON — The May producer price data largely reflect rebounds from April dips in the headline and are mostly benign underneath.

May PPI posted a 0.5% rise, offsetting the 0.7% drop in April, and core PPI was up 0.1% (0.0540% unrounded). These produced year-over-year gains of 1.7% overall and 1.7% core, modest paces.

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