The Bureau of Labor Statistics released the CPI-W figure for July, 2011, the first month of the three-month average (July, August, and September) that will determine the COLA applied to Social Security benefits at the end of 2011.
The CPI-W was 222.686 and when compared to the average for 2008 (the last year in which there was a COLA calculated) that number would call for a nearly 3.5% increase in Social Security benefits. Of course an average of about 222.6 for the rest of the quarter will be required for the 3.5% COLA. August and September CPI-W numbers will determine the actual COLA which will be known in October sometime.
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