From Federal News Radio:
With two months (August and September) to go in the cost-of-living countdown, federal, military and Social Security retirees are eagerly awaiting their 2018 cost-of-living adjustment (COLA).
Last month, the COLA — based on the nationwide rise in living costs measured by the Labor Department’s Bureau of Labor Statistics — stood at 1.6 percent, but the Consumer Price Index for the month of July dipped slightly, dropping the estimate to 1.52 percent.
The actual amount of the 2018 COLA will be based on the average of the indices of July, August, and September, in comparison with the previous year’s third quarter average. The final number won’t be known until mid-October.