The annual inflation had a gradual decrease from 4% in May down to 3% in June. The decrease in inflation can be attributed to the declined prices of the basic needs. The increase in food prices was at 6.7% in May down to 5.7% in June. From 8% increase in May for rent, it went down to 7.8% in June.
Social Security 2024 Estimated To Rise Along With The 3% Increase In COLA For June
Photo From: The New York Times
Social Security 2024 to Increase to 3% from 2.7% May Data
According to a data from The Senior Citizens League, the COLA will be estimated at 3% next year. This would mean that recipients will receive increased amount for their Social Security 2024.
The estimate, according to The Senior Citizens League may change according to the inflation rates in July, August and September. The inflation rates under these months will be compare to the previous year’s rates to get the percentage difference that will serve as the COLA.
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Social Security 2024 depends with the Inflation
Social Security 2024 are expected to match the estimated COLA to maintain the purchasing power of recipients.
The inflation in 2021-2022 had affected Social Security beneficiaries, particularly, the senior citizen retirees. In a survey from Paychex, around 55% of senior citizen retiree had gone back working to be caught up with monthly bills and payment.
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