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Data source: Social Security Administration. As shown above, CPI-E inflation averaged 3.4% through the first eight months of 2024. That is three-tenths of a percent above the average CPI-W reading.
Social Security's COLA represents the year-over-year percentage difference in average Q3 CPI-W readings, rounded to the nearest tenth of a percent. US Inflation Rate Chart
Image source: Getty Images. Next year's raise may be considerably lower than 2024's. In 2024, Social Security recipients saw their benefits rise 3.2%. Next year's COLA is shaping up to be much ...
The Social Security COLA calculation uses data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) released by the Bureau of Labor Statistics at a specific point in ...
Although the CPI-W is reported monthly, just the trailing-12-month readings ending in the third quarter (July, August, and September) are factored into Social Security's COLA calculation. If the ...
The consumer price index for urban wage earners and clerical workers (CPI-W) is a continuation of the historical index that was introduced after World War I for use in wage negotiation. [23] As new uses were developed for the CPI, the need for a broader and more representative index became apparent.
For instance, CPI-W inflation increased 2.5% in the third quarter last year, so Social Security payments increased 2.5% this year. That is the smallest COLA since 2021.
Based on August's CPI-W reading, the nonpartisan Senior Citizens League is projecting that 2025's Social Security COLA will amount to 2.5%. This is a notch below its previous 2.57% estimate .