![]() ![]() 12, after the release of the September figures (likely mid-morning), to reflect the 2024 calculations. MOAA will update its COLA Watch page on Oct. A second higher-than-expected bump in CPI-W could move that figure up, but likely only by a tenth of a percentage point. If the September figures continue the average rate of increase seen since May, the final figure will result in the 3.2% projection. The average of this year’s July and August figures (300.725) would yield a 3.0% COLA increase when compared with last year’s base (291.901). CPI-W figures from July, August, and September are averaged, and the percentage increase of that number over the previous year’s average results (known as the “base”) is the new COLA rate. The COLA figure stems from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), an inflation-tracking metric updated monthly by the Bureau of Labor Statistics. It’s the smallest figure in three years, but it’s just the fifth time in 20 years the adjustment has reached 3% or higher. MOAA predicts the upcoming COLA will be 3.2%, down 5.5 percentage points from last year’s 8.7% increase. With just a few weeks before final calculations can be made, the annual cost-of-living allowance (COLA) for military retirees, VA disability recipients, Social Security beneficiaries, and others receiving certain federal payments for 2024 is settling in at a higher-than-expected figure … one that’s still well below last year’s adjustment.
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