Inflation is running hot and fast. Department of Labor inflation figures for April, released earlier this month, had the consumer price index up 8.3% over...
The Social Security benefit increase for 2023 will be the average of CPI figures for the third quarter of this year divided by that 268.421 figure from last year.. The figures for April were released May 10. They are typically released about 10 days into the month. The monthly release is focused on the year-over-year percentage change in inflation as a whole. But it also contains figures for a multitude of things that go into the index.
As you can see in the table, the inflation for October 2021 was 1.17% ahead of the inflation for the third quarter. Since then it has risen, month by month, to 6.02% by April. If it is about 8%, that will be the largest increase since the 11.2% increase in 1981 — over 40 years ago. It will also be tied for the fourth-largest increase since the indexing of benefits began in 1975.experience as a group. But it can never show what we experience as individuals or households. If you’re older, it understates your cost of living because it doesn’t reflect your higher costs for prescriptions and health care, which are a larger part of your spending.
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