On Oct. 12, the U.S. Bureau of Labor will release the Consumer Price Index data for the month of September. This announcement carries significant implications for millions of Social Security recipients, as it determines the annual cost-of-living adjustment for the following year.
For 2022, Social Security beneficiaries received a 5.9% COLA increase — the largest in decades. This increase was driven by substantial inflation in various sectors, including food, energy, and housing. While it was a welcome boost for recipients, the question now is what the Oct. 12 CPI release means for 2023.
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