Fact Check: COLA definition from SSA.gov: Since 1975, Social Security's general benefit increases have been based on increases in the cost of living, as measured by the Consumer Price Index [a measure of the rate of inflation]. We call such increases Cost-Of-Living Adjustments, or COLAs. We determined a 3.2% COLA on October 12, 2023.
Fact Check by UsInflationCalculator.com: The annual inflation rate for the US was 3.7% for the previous 12 months, according to Labor Department data published on Oct. 12, 2023.
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