The latest consumer price index for June is increasing at its fastest pace since 1981. Inflation has risen 9.1% from one year ago and was higher than the 8.8% increase estimated by Dow Jones.
One consequence of these inflationary pressures is a potential increase in the cost of living adjustment (COLA) for Social Security beneficiaries in 2023. The Senior Citizens League, a non-partisan group, now estimates the cost of living adjustment to be 10.5% next year. In dollar terms, this would come to a $175.10 increase to the average monthly retirement benefit of $1,668.
Back in May, which seems like a long time ago at this point, when inflation data came in higher than expected, The Senior Citizens League had estimated COLA to rise 8.6% for next year.
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