UPDATED: 10/13/22 7:37am
WASHINGTON (AP) – Inflation in the United States accelerated in September, with the cost of housing and other necessities intensifying pressure on households, wiping out pay gains that many have received and ensuring that the Federal Reserve will keep raising interest rates aggressively.
Consumer prices rose 8.2% in September compared with a year earlier, the government said Thursday. On a month-to-month basis, prices increased 0.4% from August to September after having ticked up 0.1% from July to August.
— Original post:
Meantime, millions of Social Security recipients will soon learn just how high a boost they’ll get in their benefits next year. The increase will be announced Thursday morning.
It’s expected to be the highest in 40 years, fueled by record high inflation and is meant to help cover the higher cost of food, fuel and other goods and services.
The about 8.5% increase predicted by analysts, according to White House Press Secretary Karine Jean-Pierre could add some $140 to the average senior’s check.
How well it does that depends on inflation next year. The boost in benefits takes effect in 2023. It will be coupled with a 3% drop in Medicare Part B premiums, meaning retirees will get the full impact of the jump in Social Security benefits.
According to the Center of Budget and Priorities, “Social Security is important for children and their families as well as for older adults. Over 6.5 million children under age 18 lived in families who received income from Social Security in 2019. That number included nearly 2.8 million children who received their benefits as dependents of retired, disabled, or deceased workers, as well as others who lived with parents or relatives who received Social Security benefits. Social Security lifted 1.1 million children above the poverty line in 2020, as the chart show
(Associated Press)
