Lower gasoline prices and flat rents are keeping a lid on consumer inflation in metro Denver this summer, limiting annual gains to a 2.1% pace, according to a July update of the local Consumer Price Index from the U.S. Bureau of Labor Statistics .

That pace is below May’s 2.2% pace and March’s 2.4% rate. It is also below the U.S. consumer inflation rate of 2.7% in July.

Shelter costs are the biggest component in the overall CPI calculation, representing a third of the index. Those were up 1.7% over the past year in metro Denver, with flat rents balancing out a 4% gain in an equivalent measure for homeowners.

Lower energy costs, down 7.7%, have helped keep overall inflation in check. Gasoline prices specifically are down 10% over the past year and 3.3% since May. Gasoline represents a

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