School Finance
January 11, 2024

Consumer Price Index December 2023

Source: NYSUT Research and Educational Services

The United States City Average Consumer Price Index (CPI-U) for December 2023 was 306.746 — representing a change of 3.4 percent over the index for December 2022.

The Northeast Area Consumer Price Index for December 2023 was 316.143 — representing a change of 2.6 percent over the index for December 2022.

The New York-Northern New Jersey Area Consumer Price Index for December 2023 was 324.691— representing a change of 3.0 percent over the index for December 2022.

The January CPI will be available February 13, 2024.

Future projections of the CPI by businesses and economic organizations are found in the complete document. CPI increases are projected at 4.1 percent for 2023 and 2.6 percent for 2024.

The Average Annual Change in the CPI for the 2023 calendar year was 4.1%. 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 2.00% inflation factor when they are calculating their tax levy limit for 2024-25. Districts must use an eight-step formula to calculate their tax levy limit and submit this information to the NYS Office of State Comptroller by March 1, 2024. 


January 11, 2024