What is the current COLA index?
The latest COLA is 5.9 percent for Social Security benefits and SSI payments. Social Security benefits will increase by 5.9 percent beginning with the December 2021 benefits, which are payable in January 2022. Federal SSI payment levels will also increase by 5.9 percent effective for payments made for January 2022.
What is the 2022 COLA rate?
5.9 percent
Cost-of-Living Adjustment (COLA) Information for 2022 Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022.
What is the cost-of-living for 2021?
Since 1975, Social Security’s general benefit increases have been based on increases in the cost of living, as measured by the Consumer Price Index. We call such increases Cost-Of-Living Adjustments, or COLAs. We determined a 5.9-percent COLA on October 13, 2021.
What is the U.S. inflation rate right now?
The annual inflation rate for the United States is 8.6% for the 12 months ended May 2022, the largest annual increase since December 1981 and after rising 8.3% previously, according to U.S. Labor Department data published June 10….Current US Inflation Rates: 2000-2022.
| Element | Annual Inflation Rate |
|---|---|
| 2019 | 2.3 |
| 2020 | 1.4 |
| 2021 | 7 |
| 2022* | 8.3 |
What is the U.S. inflation rate?
In April, the consumer price index (CPI) had ticked down to 8.3 percent year over year, off of a March high of 8.5 percent. The long-term average inflation rate in the U.S. is around 3.2 percent, although consumers had grown used to more moderate annual price increases averaging 1.75 percent from 2010 to 2019.
What will the COLA be for 2023?
As a result, based on Consumer Price Index data through April, the 2023 COLA may reach 8.6%, the highest since 1981. The chart below, based on Bureau of Labor Statistics data, gives a sampling of how inflation has cut into retiree spending power.
What is the expected COLA increase for 2023?
But costs for food and for Medicare Part B premiums have also jumped. Johnson’s most recent Social Security cost-of-living adjustment estimate, which is based on consumer price data, pegs the 2023 COLA in the neighborhood of 8.6 percent.
What is US Consumer Price Index?
The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas.
What is the projected COLA increase for 2023?
What is the COLA in 2023?
8.6%
As a result, based on Consumer Price Index data through April, the 2023 COLA may reach 8.6%, the highest since 1981. The chart below, based on Bureau of Labor Statistics data, gives a sampling of how inflation has cut into retiree spending power.
What time is U.S.. inflation data released today?
Up next. The latest reading of the US Consumer Price Index arrives at 8:30 a.m. ET. Also today: The University of Michigan’s early reading of data on consumer sentiment for June posts at 10 a.m.
Which country has highest inflation rate?
Venezuela
At the end of 2021, Venezuela had the highest inflation rate in the world, at 1,588 percent change compared to the previous year.