The 10 Fastest Rising Costs for Seniors

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New data published by the Bureau of Labor Statistics shows prices in November were up 7.1% versus a year ago, as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers, referred to as the CPI-W.

The CPI-W is the index used to calculate the annual Social Security cost-of-living adjustment enjoyed by the more than 65 million Americans currently drawing income from the federal program.

As noted by Mary Johnson, Social Security and Medicare policy analyst for The Senior Citizens League, the November data suggests inflation is moderating. However, prices are still quite high, she warns, particularly for essentials like heating oil, natural gas, food and housing.

In fact, as Johnson points out, for older households, many of the goods and services that have the most stubbornly high prices account for the biggest portion of monthly nondiscretionary spending. As such, many retirees report that the 5.9% Social Security COLA enjoyed in 2022, while helpful, has not been enough to allow retirees to fully maintain their standard of living this year.

To recognize the challenges facing today’s retirees, the Senior Citizens League has published its own analysis identifying the fastest-rising costs for its constituents, using year-over-year CPI data from October. The key findings are included in the following slideshow.

“When sending warm wishes to family or friends in need, try adding gift certificates for home heating oil, natural gas or electricity,” Johnson suggests. “A heated electric mattress pad or warm fleece base layers will earn you hugs for life.”

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