Driven by a spike in energy prices, the consumer price index rose 0.6% in August, its biggest monthly gain of 2023 and up 3.7% from a year ago. Meanwhile, the core CPI increased 0.3% and 4.3% respectively, against estimates for 0.2% and 4.3%. The law states that the annual inflation adjustment is based on the average inflation during July, August, and September as measured by the CPI for Urban Wage Earners and Clerical Workers. Inflation for these three months is added together and averaged, then compared with the third quarter average from one year ago. The percentage difference between the two is the amount of the COLA, which would be payable for the check received in January 2024. Despite the record COLA in 2023, the Senior Citizens League points out that older households have reported very modest spending. “In 2023 retirees received the highest COLA in 40 years at 8.7%, but nobody is getting rich,” said Mary Johnson, Social Security and Medicare policy analyst at the Senior Citizens League in a statement. “The reality is that the dollar amount of the COLA increase received is meager at best, with the average monthly retiree benefit only $1,790 in 2023.
14 September 2023
ANOTHER HIGHER PROJECTION! COLA 2024
Subscribe to:
Post Comments (Atom)
HORUS: A Solar-Powered Autonomous Drone
The U.S. military has recently marked an advance in aerial surveillance with the unveiling of Horus A on October 1, 2024. This high-altitu...
-
The United Kingdom is facing a “staggering rise” in assassination attempts on its soil by Russia and Iran as the hostile states recruit cr...
-
The Ohio senator will take part in a town hall in Mesa on the same day that early voting begins in Arizona. CPAC to Host Townhall with J.D....
No comments:
Post a Comment