Wednesday, July 14, 2021

Inflation officially hits 5.4% which is the highest since 1983

 The official chart the Department of Labor is here: https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category.htm .  It shows that inflation for all items was 5.4%, and for energy it was 24.5%.

The cost of living adjustment (COLA) for social security recipients will be announced in October, and it may be as high as 6.1%.  In 1983, the COLA increase was 7.4%.  So this will be the highest increase in 39 years.

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