Inflation in the United States continued to decrease in the month of June, but there is an expected cost-of-living-adjustment 2024 (COLA) increase. One of the biggest contributors of gain to the increase is the index for shelter as reported by gobankingrates.com.
The overall inflation rate in the United States, based on the report of U.S. Bureau Of Labor Statistics data, is 3% with the current year as the baseline.
With reference to that statistics, the 3% 2024 COLA increase was the smallest since the period ends as of March 2021.
The index for shelter was one of the biggest contributors to the gain of the 2024 COLA increase.
The index for shelter includes rising housing and rental costs. All of these have a particular impact on seniors especially those with fixed incomes.
Inflation in the United States continued to decrease in the month of June, but there is a an expected cost-of-living-adjustment 2024 (COLA) increase. (PHOTO: GOBankingRates)
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2024 COLA Increase And The Seniors
In the Senior Citizen’s League, a non-partisan seniors advocacy group, there will be an expected 3% 2024 COLA increase using the BLS data as of June as a reference.
This expected increase was up from the prior month’s COLA estimate of 2.7%.
As reported by GOBankingRates, a 3% 2024 COLA increase would raise the current average monthly benefit of $1,787.00 by about $53.60.
These were just projected increases according to The Senior Citizens League, because there are still three months more of inflation data needed to come before the final 2024 COLA will be announced in October.
