Seniors may see a smaller rise in their Social Security payments after the latest inflation report showed the annual cost of living slightly cooled.
The Consumer Price Index, which the government uses to track the cost of goods and services over time, saw inflation rise 3.4 percent in July from the previous year. While this is still significantly higher than the Federal Reserve’s 2 percent target rate, it’s slightly lower than the 3.5 percent annual inflation rate in June.
