With the latest CPI report and inflation data, the COLA prediction for Social Security 2024 rises
According to the government, inflation picked up in August, raising the forecast for
Next year's Social Security increase to 3.2% from 3% on Wednesday.
Despite a 40-year high of 9.1% in June 2022, annual inflation in August
Rose to 3.7% from 3.2% in July. As a result of removing volatile food and energy sectors,
the core inflation rate fell from 4.7% in July to 4.3% in August.
A forecast from The Senior Citizens League, a nonprofit seniors group,
indicates that the cost-of-living adjustment (COLA) for Social Security
Recipients will be 3.2% less next year.
Despite inflation still being much higher than the Federal Reserve's 2% target,
the trend remains mainly lower. Compared to the 2.6% average over
the past 20 years, that's less than half the four-decade high of 8.7% in 2023.
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