The Social Security Administration is reporting that approximately 70 million Americans will see a 5.9% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2022. That’s based on a formula accounting for a rise in the consumer price index. It’s the largest increase in nearly four decades and will start in January of 2022.
While welcome, some financial analysts point out that in the last 18 months, gas prices nationwide have more than tripled and are on the rise.
In California the price per gallon is $4.44 on average, and the state’s gas tax will increase next week from 50.5 to 51.1 cent, an increase tied to inflation by Senate Bill 1 according to the Los Angeles Times.
In San Diego the cost of food is up 6.8% over last year and energy prices are up 29.3%.
In Los Angeles County, food prices rose 4.1% over last year and energy prices rose 26.1%.
