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There’s still plenty of time for the U.S. inflation rate to change
The purpose of the Cost-of-Living Adjustment (COLA) is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year to the third quarter of the current year. There’s still plenty of time for the U.S. inflation rate to change by the third quarter; however, that does not stop some experts from predicting how high or low 2023 COLA will be. Vance Cariaga reports on how the estimates of 2023 COLA have dipped, but it may still be one of the highest adjustments in 41 years. Read Mr. Cariaga’s article here…
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