The United States City Average Consumer Price Index (CPI-U) for December 2015 was 236.525 representing a change of 0.7 percent over the index for December 2014.
The Northeast Area Consumer Price Index for December 2015 was 251.670 — representing a change of 0.5 percent over the index for December 2014.
The New York-Northern New Jersey Area Consumer Price Index for December 2015 was 259.941 — representing a change of 0.7 percent over the index for December 2014.
The January CPI will be available February 19, 2016.
CPI increases are projected at 1.6 percent for 2016 and 2.3 percent for 2017. Future projections of the CPI by businesses and economic organizations are found on
page 3.
The Average Annual Change in the CPI for the 2015 calendar year was 0.12%. 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 0.12% inflation factor, not 2.0%, when they are calculating their tax levy limit for 2016-17. 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, 2016.
Released on
January 20, 2016