Standard Cost Of Living Increase 2024

Standard Cost Of Living Increase 2024. The annual inflation rate for the united states was 2.9% for the 12 months ending july, compared to the previous rate increase. A cost of living adjustment (cola) is a change in monthly social security benefits that accounts for inflation.

All five living cost indexes (lcis) rose between 1.2% and 1.4% in the june 2024 quarter. Increased payments to approximately 7.5 million ssi recipients will begin on december 29, 2023.