Inflation sizzled in September -- and Social Security benefits will get a boost
U.S. consumer prices rose 3.7% in September, driven largely by energy costs linked to the war with Iran. In response to the inflationary environment, the Social Security Administration announced a 3.6% cost-of-living adjustment for benefits next year.
Why it matters
Rising inflation impacts household purchasing power, while cost-of-living adjustments are critical for the financial stability of seniors on fixed incomes.
Nights are getting colder, but inflation is heating up.
Economy It's taking longer to find a new job after losing one Economy American farmers are hurting - and worried about their futures A r eport from the Labor Department Wednesday showed consumer prices in September were up 3.7% from a year ago. That's a larger annual increase than the previous month.
A spike in energy prices tied to the U.S. war with Iran drove the cost of living higher. Prices jumped 0.6% between August and September.
"It's not looking good," said economist Brian Bethune of Boston College. "The main problem, of course, that everybody knows is gasoline prices. But also heating oil."
Heating oil is a close cousin of diesel fuel. The cost of the fuel oil has jumped 74% in the last year, which is hard on families in New England who rely on heating oil to stay warm.
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