Undergraduate tuition, fees, room and board at Princeton University will rise 3.8 percent for the 2013-2014 academic year.

Tuition will increase 3.9 percent to $40,170, the Ivy League school in Princeton, New Jersey, said Monday in a statement on its website. Room costs will go up 3.9 percent to $7,220 and board will increase 3.2 percent to $5,860.

The increase in costs exceeds the benchmark U.S. inflation measure. The consumer price index rose 1.7 percent in the 12 months ended in December, according to the U.S. Labor Department, down from a 3 percent increase in 2011.

Students incur other expenses, including transportation and books, which aren’t billed by the university.

Undergraduate financial aid in Princeton’s operating budget will rise by 4.6 percent to $121.4 million, according to the statement. Sixty percent of the student body receive financial aid.