NEW YORK (AP) Major League Baseball's minimum salary will remain at $507,500 next year because of a lack of inflation.

The sport's collective bargaining agreement called for a cost-of-living adjustment based on the yearly increase through October of the Consumer Price Index for Urban Wage Earners and Clerical Workers, rounded to the nearest $500.

The Bureau of Labor Statistics announced Tuesday that measure decreased over 12 months. Baseball's labor contract said the 2016 minimum cannot be lower than the 2015 figure, and MLB and the players' association confirmed the amounts Wednesday.

More from FoxSports

The minor league minimum for a player signing a second major league contract remains $82,700 and the minor league minimum for a player signing an initial big league contract stays at $41,400.