The Senior Citizens League now estimates that the Social Security cost-of-living adjustment, or COLA, for 2024 could be 2.7% based on inflation data released that showed consumer prices in May rose at the slowest pace since April 2021.
The estimate is far short of the 8.7% increase in benefits seniors received this year, which was the biggest increase in four decades and raised the average retiree benefit by more than $140 per month.
Data from the Consumer Price Index report for May showed that the headline inflation gauge increased 4% over last year – a smaller rise than the expected 4.1%. The increase is down from a peak of 9.1%But the measure that is used to calculate Social Security’s COLA — the CPI for Urban Wage Earners and Clerical Workers — increased just 3.6% in the last 12 months, or 0.2% from April without a seasonal adjustment.
In addition, older consumers are reporting little improvement in their household spending yet, according to an ongoing survey by The Senior Citizens League. While the rate of inflation has slowed, prices have remained high in certain essential categories of spending.
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