Inflation in the Biden economy is continuing to run hot, with the newly released CPI (Consumer Price Index) for September showing another 5.4 percent year over year increase.
There may be a silver lining however, at least for those individuals receiving Social Security Benefits.
As CNBC reports:
The Social Security cost-of-living adjustment will be 5.9% in 2022, the Social Security Administration announced on Wednesday.
The 5.9% COLA will be the biggest boost to Social Security beneficiaries’ checks in about 40 years.In 2021, the Social Security COLA was 1.3%.Social Security beneficiaries will see the increases in the monthly checks starting in January. The estimated average monthly benefit for all retired workers will rise to $1,657, up from $1,565.