The United States City Average Consumer Price Index (CPI-U) for December 2017 was 246.524 — representing a change of 2.1 percent over the index for December 2016.
The Northeast Area Consumer Price Index for December 2017 was 260.791 — representing a change of 1.7 percent over the index for December 2016.
The New York-Northern New Jersey Area Consumer Price Index for December 2017 was 269.564 — representing a change of 1.6 percent over the index for December 2016.
The January 2018 CPI will be available February 14, 2018.
Future projections of the CPI by businesses and economic organizations are found in the complete document. CPI increases are projected at 2.1 percent for 2018 and 2.2 percent for 2019.
The Average Annual Change in the CPI for the 2017 calendar year was 2.1%. 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 2.0% inflation factor when they are calculating their tax levy limit for 2018-19. 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, 2018.
Released on January 12, 2018