As the yearly rate of inflation has marked the lowest level since March 2021, Social Security recipients could get a modest raise next year.
Social Security recipients could get a modest raise next year as inflation cools to 2021 levels, according to calculations Tuesday after May consumer price data indicated inflation is cooling.
Consumer prices rose only 0.1% in May, kept in check by cheaper oil. Inflation more broadly showed little sign of rapid deceleration, however. The yearly rate of inflation slowed to 4% from 4.9%, marking the lowest level since March 2021.Meanwhile, the so-called core rate of inflation that omits food and energy rose a stiffer 0.4% — in line with the Wall Street forecast.
According to an ongoing survey by the Senior Citizens League, older consumers are reporting little improvement in their household spending yet.
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