The latest forecast for the Social Security Administration's annual cost of living adjustment, or COLA, has put the 2024 projection at less than 3% based on the May 2023 consumer price index report, released Tuesday.
The COLA increase, which is based on the consumer price index for urban wage earners and clerical workers, could be just 2.7% next year, according to the Senior Citizens League. In comparison, the COLA last year was an 8.7% increase.The CPI-W for May 2023 rose 3.6% year over year, marking the lowest reading since March 2021, when it was 3.0%.
Despite declining inflation, an ongoing survey by the league found that seniors are reporting little change in their household spending.
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