With the recent news that inflation is cooling down, there are still matters to be bothered about.
Inflation is finally cooling down, but are there more problems to know about? (Photo: Bitcoin.com News)
Inflation Is Cooling Down
As of recently, it is said that inflation is cooling down. Even though price spikes are still going on, there is much evidence that inflation is cooling down.
Inflation is cooling down due to 3.2% annual inflation. Although high grocery prices are still felt, there is still a bit of relief because of such news.
Although inflation is cooling down, there are still other matters to be addressed. Due to the fact that inflation is cooling down, seniors are worried about their COLA or cost-of-living adjustment.
According to a polished article by The Motley Fool, seniors might be in a lower COLA for next year. And although inflation is cooling down and COLA for seniors may be decreased, it does not mean that it’s a completely unfortunate event to happen.
Lower Social Security for 2024
In a published article by Investopedia, the cold down of inflation may cause a big cut on COLA. There is a possibility in the year 2024, Social Security COLA may drop to 2.7% which is the lowest in a span of 2 years.
READ ALSO: Social Security Expands Compassionate Allowances Program, Accelerating Aid For Severe Medical Cases
