According to the recent release by the Bureau of Labor Statistics, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 1.6 percent over the last 12 months to an index level of 226.036 (1982-84=100). For the month, the index decreased 0.2 percent prior to seasonal adjustment.
This means that the Social Security COLA for 2013 has also declined slightly from the previous months trend. Any actual increase will be based on the average CPI-W for the third quarter of 2012 compared with the same period in 2011.
In any case, anyone counting on a Social Security COLA in 2013 will be looking at a relative small increase and currently declining based on inflation trends.
- Level of likely 2013 Social Security COLA declines in May (quinnscommentary.com)
- How is it looking for an increase in your Social Security benefit come January 2013? (quinnscommentary.com)
- Changing the “promise” of Social Security-what’s new? (quinnscommentary.com)