Cost Of Living Increase 2024. Data from the consumer price index (cpi), a key metric from the bureau of labor statistics used to measure inflation, show that prices increased 3.2 percent between february. Starting in january, social security benefit payments for 66 million beneficiaries will rise 3.2% to keep up with the cost of living, the social security administration said thursday.
Social security beneficiaries will see a lower increase to their monthly benefits in 2024 following a record increase this year. Cost of living adjustments (cola) are increases designed to offset inflation.
