Consumer prices held steady last month, the Bureau of Labor Statistics just reported, as "small declines in the food and energy indexes offset a small increase in the index for all items less food and energy." There was no change in the consumer price index from June to July.
In the past year, prices have fallen 2.1%.
The news should be welcome at the Federal Reserve, which is keeping an eye out for any sign that a stabilizing economy might be putting upward pressure on prices.
There's much more about the CPI and the economy at Planet Money.