The United States City Average Consumer Price Index (CPI-U) for December 2014 was 234.812 representing a change of 0.8 percent over the index for December 2013.
The Northeast Area Consumer Price Index for December 2014 was 250.519 — representing a change of 0.4 percent over the index for December 2013.
The New York-Northern New Jersey Area Consumer Price Index for December 2014 was 258.080 — representing a change of 0.3 percent over the index for December 2013.
The January CPI will be available February 26, 2015.
Future projections of the CPI by businesses and economic organizations are found on page 3.
CPI increases are projected at 0.8 percent for 2015 and 2.3 percent for 2016.
The Average Annual Change in the CPI for the 2014 calendar year was 1.62%. This is important because under the tax cap law, allowable increases in the property tax levy are based on either 2 percent or the rate of inflation, whichever is less.
Therefore, districts will use a 1.62% inflation factor, not 2.0%, when they are calculating their tax levy limit for 2015-16. Districts must use a nine-step formula to calculate their tax levy limit and submit this information to the NYS Office of State Comptroller by March 1, 2015.
January 16, 2014