Seniors and recipients of funding tied to the consumer price index will no doubt take note of the rise in prices in May.
The cost of living index went up 0.4 percent, the biggest reported jump since February 2013. Reported is the operative word.
Many people on Social Security and other fixed incomes depend on cost of living increases in their checks. Lately that’s not happened very much, and those folks are far from happy.
The reason is they feel inflation in the price creep of products and services, but that doesn’t get noted in the official accounting. Bloomberg News reports that the May increase in consumer prices exceeded all forecasts in its survey.
Costs rose 2.1 percent over the past 12 months. That’s going to make seniors anticipate a bigger increase in their Social Security checks to keep up if the upward trend continues.