Consumer prices rose 2.9% in the 12 months through July, the smallest 12-month increase since March 2021, the Labor Department reported in its consumer price index.

The shelter index increased 0.4% in July.he shelter index increased 5.1 percent over the last year, accounting for over 70 percent of the total 12-month increase in the all items less food and energy index. 

The index for rent rose 0.5% over the month, and the index for owners' equivalent rent increased 0.4%.

The index for all items less food and energy rose 3.2 percent over the past 12 months.

Other indexes with notable increases over the last year include motor vehicle insurance (+18.6 percent), medical care (+3.2 percent), personal care (+3.4 percent),and recreation (+1.4 percent).