After falling 0.4% month-over-month in June, the Consumer Price Index for all items was up 0.1% from a month prior in July. However, on a yearly basis, the all items index rose just 3.4% in July, down from a 3.5% annual increase in June. Month-over-month the shelter index was up 0.1%, which the BLS said attributed to roughly two-thirds of the monthly all items index increase. “Shelter accounted for about half of July’s monthly increase, but subdued growth in asking rents suggests shelter inflation still has room to cool as those trends work their way into the official inflation data,” Williamson said in a statement. The all items less food and energy index was up 0.2% month-over-month in July, after remaining unchanged in June.