Section 290.502.2, RSMo, provides that the minimum wage shall be increased or decreased each year based on changes in the cost of living. On September 30 of each year, the Director of the Department of Labor and Industrial Relations is to determine the increase or decrease in the Consumer Price Index as published by the U.S. Department of Labor (from July of the previous year to July of the current year) and adjust the minimum wage accordingly (rounded to the nearest five cents). The minimum wage as adjusted will become effective on the following January 1. A notice will be posted on the Department′s web site as soon as any change has been determined. Under the statute, Missouri′s minimum wage cannot be reduced below the federal minimum wage.