The Illinois Revenue Department has released the Consumer Price Index number for 2015.
It will determine how much budgets of non-Home Rule units like schools can increase their budgets next year.
The rate of inflation last year was 8/10 of 1%.
So, if Governor Bruce Rauner gets his way and Mike Madigan agrees to freeze property taxes, local government won’t have to cut their budgets much.
Rates of inflation as measured by the Consumer Price Index since the Property Tax Cap took effect in the early 1990’s.
Be that as it may, technically, BLS won’t release December 2015 CPI data until January 20, 2016, at 8:30 A.M. Eastern Time.