The United States City Average Consumer Price Index (CPI-U) for December 2024 was 315.605 — representing a change of 2.9 percent over the index for December 2023.
The Northeast Area Consumer Price Index for December 2024 was 327.240 — representing a change of 3.5 percent over the index for December 2023.
The New York-Northern New Jersey Area Consumer Price Index for December 2024 was 338.610 — representing a change of 4.3 percent over the index for December 2023.
The January CPI will be available February 12, 2025.
Future projections of the CPI by businesses and economic organizations are found in the complete document. CPI increases are projected at 2.5 percent for 2025 and 2.6 percent for 2026.
|
The Annual Change in CPI for the 2024 calendar year was 2.95%. 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 2025-26. Districts must use an nine-step
formula to calculate their tax levy limit and submit this information to the NYS
Office of State Comptroller by March 1, 2025.
|
January 15, 2025