The Board that sets annual increases for the city’s roughly 1 million rent-stabilized apartments is out with its annual price index, and it's one of the lowest in 40 years.

According to the New York City Rent Guidelines Board's Price Index of Operating Costs, landlord costs increased just 0.5 percent — the fifth lowest increase since the Index began in 1969. The drop is due in part to a 21 percent decrease in fuel costs. Real estate taxes and insurances costs rose.

The report helps the board decide how much, if at all, to increase rents on stabilized apartments, although the correlation between Index and increase is often murky.

For example, last year's Index found that building owner costs rose 5.7 percent — yet the RGB approved a one percent increase for tenants with one-year leases, and a 2.75 percent increase for rent stabilized tenants with two-year leases.

"The price index doesn't seem to have that much significance anymore," said Jack Freund of the pro-owner Rent Stabilization Association. "The rent guidelines process has become more politicized."

This will be the first year that each board member has been appointed by Mayor Bill de Blasio. He's made preserving 120,000 units of affordable housing one of his signature issues.