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Inflation may fall further in the next few months, giving senior citizens even more relief.
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This year's 5.9% increase was the largest in four decades, according to the Social Security Administration.
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The average monthly check this year, approximately $1,656, has actually decreased by about $42 per month.
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Inflation, which this year was higher than the increase in the cost of living, will lead to a 2023 increase of 8.7%.
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The federal government said on Tuesday that the annual rate of inflation has slowed from 7.7% in October to 7.1% in November.
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The current 7.1% rate of inflation is 1.6 percentage points below the rate of Social Security growth over the next year. If this data holds, it will be great news for seniors.
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Next steps