- Hot government inflation data points to an 8.6% cost-of-living adjustment for 2023, The Senior Citizens League said Friday.
- That would top a 5.9% boost to benefits that went into effect this year, the highest in about 40 years.
- Some advocacy groups and lawmakers want to change the way those annual adjustments to benefits are calculated.
New government inflation data came in hotter than expected last week.
If record-high prices don’t subside, that will lead to a higher Social Security cost-of-living adjustment in 2023.
Yet even with a more generous boost to benefits next year, there’s a growing campaign to change the way those annual benefit adjustments are measured.
New consumer price index data for May released on Friday shows inflation rose 8.6% over the last 12 months, marking the fastest increase since 1981.