According an article by Donna Gehrke-White, business reporter of the Sun-Sentinel, the elderly on fixed income are struggling with higher food prices. Inflation is running 2.4 percent, more than the 1.7 percent increase that Social Security recipients will get in January 2015. By law, the Social Security Administration bases the cost-of-living adjustment on the BLS’s national CPI for Urban workers. Administrators look at the index from July 1 to Sept 20 to set any cost on living increases. Then this is compared with the prior year’s third quarter to determine how much prices have risen. But it’s not a good measure of the cost-of-living for retirees, especially those in South Florida, said J. Antonio Villamil, Founder and Principal of The Washington Economics Group, Inc., a private consulting firm based in Coral Gables, Florida. “It’s definetely a squeeze,” he added. Read more
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