School Finance
January 18, 2017

Consumer Price Index December 2016

Source: NYSUT Research and Educational Services

The United States City Average Consumer Price Index (CPI-U) for December 2016 was 241.432 representing a change of 2.1 percent over the index for December 2015.

The Northeast Area Consumer Price Index for December 2016 was 256.427— representing a change of 1.9 percent over the index for December 2015.

The New York-Northern New Jersey Area Consumer Price Index for December 2016 was 265.421— representing a change of 2.1 percent over the index for December 2015.

The January CPI will be available February 15, 2017.

 

The Average Annual Change in the CPI for the 2016 calendar year was 1.26%.
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 1.26% inflation factor, not 2.0%, when they
are calculating their tax levy limit for 2017-18. 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, 2017. 

Released on January 18, 2017

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