The COLA 2024 increase for Social Security recipients is likely the lowest in previous years, predicted by Senior Citizen’s League.

COLA 2024: Five Points From Steep May Inflation Decline

1. The numbers utilized y the Social Security Administration to determine the annual COLA 2024 don’t reflect the high prices seniors continue to pay on items.

2. Inflation is moderating, but a lower inflation rate does not mean prices have decreased.

3. COLA increases over four decades, thanks to supply-chain disruptions that soaring inflation amid the COVID-19 pandemic.

4. Even with the record that COLA 2024 increased, more Social Security recipients are struggling to cover the costs of living.

5. Data released by the Labor Department on Tuesday confirmed that food prices and shelter, compared to previous years, are still unreasonably high, despite inflation decreasing to its lowest rate since 2021.

Read Also: According To A Senior Group, The Social Security COLA Boost Might Be Less Than Previously Predicted

Every $100 can spend on groceries in 2000, that amount could only buy about $64 worth today

Senior Citizen’s League projected a COLA 2024 of 2.7%. The projection is subject to change over the remaining months. The official COLA 2024 will be announced in October by the Social Security Administration.

Read Also: On Schedule, Social Security Beneficiaries Will Get The Lowest COLA Boost While The Pandemic Started