Rent prices increased 5.8 percent in Los Angeles and Orange counties in July

LOS ANGELES (KABC) -- It's becoming more expensive to live in Los Angeles and Orange counties, according to newly released economic statistics.

Rent costs rose at the fastest pace in 14 years, according to the Consumer Price Index.

Citing the U.S. Bureau of Labor Statistics, the Orange County Register reports an increase of 5.8% annual rate last month. That's the highest for the month of July since 2005.

Between 2009 and 2014, local rents rose an average 1.7% a year.

Rents in Riverside and San Bernardino counties were also up 4.3% in a year for July.