The Daily Money: Social Security COLA likely to stay the same in 2024 despite inflation uptick
Whew! We made it to Friday. It's Charisse Jones with the Daily Money headlines to keep you in the know through the weekend.
Projections for the next Social Security cost of living increase remained at 3% despite inflation rising in July for the first time in a year.
That's according to The Senior Citizens League, a nonprofit seniors group that provides COLA forecasts. The current projection for 2024 is far below the 8.7% COLA in 2023, which was the highest in four decades, and the same as last month’s estimate for what's coming next year.
Inflation ticked up slightly in July, bringing to an end a 12-month streak of waning consumer price increases and highlighting how getting to the Federal Reserve's desired target may take a while longer. Consumer prices overall rose 3.2% as compared to a year earlier - a bigger increase than the 3% uptick seen in June, according to the Labor Department's consumer price index, which is a broad gauge of how much goods and services cost.
COLAs haven't sufficiently kept up with inflation though they are intended to to help Social Security recipients weather price hikes. Older Americans were the only segment of the population whose share of poverty rose between 2020 and 2021, according to the Census Bureau.
Instacart to accept SNAP benefits nationwide
Instacart is now the first grocery marketplace service to accept food stamps nationwide.
The service said Thursday that those who are part of the Supplemental Nutrition Assistance Program, or SNAP, will be able to use those benefits to buy groceries online throughout the U.S.
“Our mission is to create a world where everyone has access to the food they love,'' Dani Dudeck, chief corporate affairs officer at Instacart, said in a press release. "By expanding online SNAP acceptance to all 50 states, we’re delivering on our mission by modernizing access and connecting more communities to affordable and nutritious foods.”
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McDonald's customers can cool down with a McFlurry for a little while this summer.
The fast food giant began selling its Peanut Butter Crunch McFlurry on Wednesday at some locations across the country. The sweet treat, made with vanilla soft serve, cereal mix and bites of peanut butter chocolate cookies is available while supplies last.
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Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.