The CPI-W for the month of May was 288.022. That indicates a 2023 COLA of 7.3% if that rate holds for the third quarter.
Here is the calculation:
(288.022 – 268.412) / 268.412 x 100 = 7.305 (adjusted to the nearest 1/10 of 1 percent = 7.3%)
268.412 is the average CPI-W for July, August and September 2021.
The actual 2023 COLA will be based on the average CPI-W for July, August, September 2022. It could be higher and somewhat unlikely lower.
QUINNSCOMMENTARY 
I am happy for all those on Social Security that will get a COLA, but the larger the COLA the more in trouble our economy is. The annual inflation rate of 8.6% is the worst it’s been since December 1981 (announced today). I lived through that once, I don’t look forward to living through it again on a fixed pension. It will take years to get out of this mess.
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Hmmm ,,,,,,, those stats could be good justification for getting a nice pay increase, maybe 10%+, for govt employees. Granted that their pay increases aren’t based on COLA, look at how they’d be rewarded for putting more money in the pockets of us poor SS recipients.
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Thanks hopefully that will be the case.
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Just noise now until we know at least 2 of the 3 months that are actually used in the calculation. Will check back in September before I start considering to adjust my 2023 plans.
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Unless you feel inflation will decline over the next four months, it’s more than noise.
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COLA is based on inflation. You or I do not change inflation – what it is is what it is. Is it 7.3% or 7.5% or 7.1%, it will cost more next year than this year. Stating a number based on numbers that won’t be used is noise. Lets market time by guessing what the market will do – another thing out of our direct control. SMH
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