This chart shows the fastest-rising costs for Social Security beneficiaries in the U.S.
Other categories in the top five for the year included apples, white bread, coffee and dental visits.
"The average retiree has found living with these high rates of inflation extremely difficult," David Tinsley, senior economist at Bank of America Institute,One caveat to a record high COLA this year is that the extra money could be prompting higher levels of spending among older Americans, according toWhile higher spending may complicate the fight against higher inflation, it is delayed relief for older Americans, whose COLA was lower thanThe Social Security COLA may be around 3.
The 3.1% estimate for the COLA is preliminary and subject to change, said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League.over the past year as of April and 0.4% for the month — fueling hopes that inflation will continue to decline this year.
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