For immediate release:
May 15, 2024
April CPI-W Comes in at 3.4%
The April CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers) came in at 3.4%. That's slightly lower than the inflation trends indicated last month based on February’s CPI-W data. Based on this trend, The Senior Citizens League (TSCL) is adjusting the long-term forecast COLA to 2.66% in 2025.
TSCL estimates may change monthly, relying on the latest CPI data. The final COLA for 2025 may differ from these estimates because it's computed based on the average inflation rate during the third quarter (July, August, and September) and then compared to the same period a year prior.
With five months remaining until the October COLA announcement, we expect upward or downward adjustments in our monthly projections.
“For 2024, the average Social Security benefit rose by $50.00, and after subtracting $9.80 to cover Medicare Part B Premium increases, the total change in benefits came out to just $40.20 a month. With the forecast of a 2.66% COLA for 2025, it appears seniors will continue to suffer financial insecurity as much next year as they have this year,” says Shannon Benton, Executive Director of The Senior Citizens League.
“In The Senior Citizens League’s 2024 Senior Survey, a concerning trend emerges as 71% of respondents highlight an increase in household costs exceeding the 3.2% COLA they received for 2023.”
The Senior Citizens League continues to emphasize the challenge many retirees face in meeting their financial needs, given their dwindling purchasing power due to insufficient COLAs.
Contact: Shannon Benton
Executive Director
TSCLPress@tsclhq.org
703-548-5568
