Follow MarketWatch coverage of the consumer price index data and the ensuing reaction in financial markets.
The Social Security Administration’s biggest day of the year is coming Oct. 12 when the annual cost-of-living adjustment will be announced. The 2024 COLA for Social Security is expected to rise about 3.2%, according to estimates from the Senior Citizens League, a pro-senior think tank. That’s compared to an 8.
7% increase for 2023, which was the highest COLA in more than 40 years amid high inflation. The average COLA over the last 20 years has been about 2.6%. COLA is calculated based on the consumer-price index for urban wage earners and clerical workers, known as CPI-W. That index more heavily weighs costs for transportation, food, apparel and other expenses that would be bought by an urban non-retiree.
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