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August 10, 2023 at 09:30 AM
The Senior Citizens League estimates the Social Security cost-of-living adjustment, or COLA, for 2024 is likely to be 3%, based on the latest consumer price index data, released Thursday.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), the index used to determine the COLA, rose 2.6% year over the past 12 months, while increasing 0.2% in July — the same monthly jump reported in June.
A COLA of 3% would raise the current average monthly benefit of $1,789 by about $53.70, but Social Security recipients won’t learn the bottom line until the Medicare Part B premiums are announced, according to The Senior Citizens League.
COLA Insights: July 2023 Inflation Data
The index for shelter was the largest contributor to the slight monthly uptick in prices, with the index for motor vehicle insurance also contributing.
The food index increased 0.2% in July after increasing 0.1% in June. The index for food at home was unchanged at 3%, while the index weakened to 2% from 4% in the prior month.
