Inflation Slows, Social Security COLA Released

Inflation for September increased 0.2% over July, but was up only 2.4% over the last 12 months, the smallest 12-month increase since February 2021. The energy index decreased 6.8% over the last 12 months while the food index is up 2.3% over the last year.

The index for shelter rose 0.2% in September, while food increased .4%. Combined, these indexes contributed to over 75% of the monthly all items increase. In addition to energy, some categories have begun to drop, with used cars and trucks seeing a 5.1% decrease over the past year. Click here for the press release.

In related news, the Social Security Administration announced that the cost-of-living increase for recipients of retirement and disability benefits will be 2.5%. Townships often look at inflation rates as well as Social Security adjustments when determining what type of across-the-board wage adjustments to make for employees.