The Daily Money: Inflation is up. So is the forecast for 2024’s Social Security increase.
Happy Thursday, Daily Money readers. It’s Bailey Schulz with the day’s top headlines.
The Federal Reserve's battle to tame consumer prices may not be over. Inflation accelerated for a second month in August, with consumer prices overall up 3.7% from a year earlier compared with a 3.2% increase in July. Barclays expects the Fed to raise its key interest rate once more this year, by a quarter percentage point, after lifting it by 5.25 points in 16 months.
Thanks to the uptick in inflation, Social Security recipients can now expect their cost of living adjustment (COLA) to jump 3.2% next year instead of the previous estimate of 3%. The updated increase would be higher than the 2.6% average seen over the past two decades though much lower than the 40-year COLA high of 8.7% this year.
“The harsh reality is that the amount that the COLAs increase benefits in most years is meager at best,” said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League.
France halts iPhone 12 sales
Tests conducted by France's National Frequency Agency (ANFR) found Apple’s iPhone 12 emits too much electromagnetic radiation, prompting the agency to order the tech giant to halt sales and update the iPhone 12 devices in use.
But Apple users shouldn’t freak out. The ANFR found the iPhone 12 was emitting radiation levels "slightly above" the allowed threshold, with levels more than 10 times lower than the level at which there could be a health risk, according to a post France’s digital minister Jean-Noel Barrot made on X, formerly Twitter.
The World Health Organization notes that “to date, no adverse health effects have been established as being caused by mobile phone use.”
Apple did not immediately respond to a comment request from Paste BN but told Reuters that the iPhone 12 was certified by multiple international bodies and said it provided several internal and third-party lab results that showed the phone complied with the French agency’s standards.
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🍔 Today's Menu 🍔
If you’re not a fan of candy corn, Kraft Heinz is offering plenty of other food-inspired treats for Halloween.
In a partnership with sweets manufacturer Frankford Candy, the food giant is planning to release three new gummy candies based on Kraft Mac & Cheese noodles, Oscar Mayer hot dogs, and Claussen pickles.
Mixed 40-count Kraft Heinz Variety Packs with all three flavors are rolling out through this month for $7.99 at retailers nationwide, and a smaller 30-count bag will also be sold at Family Dollar and Dollar General in the seasonal candy sections.
For those who are true mac and cheese diehards, individual boxes of just the Kraft Mac & Cheese gummies will become available year-round at Walmart, Five Below and Amazon for $4.
About The Daily Money
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.