2024 Cost Of Living Increase Percentage Increase. In 2024, the cola increase for social security beneficiaries is 3.2%. If the cost of living rises by 5 percent and you get a 5 percent raise, you’re keeping pace and should be able to maintain the same standard of living.

Food prices rose 2.6 percent, while energy prices decreased 4.6 percent. The cost of living has risen in the uk and across the world since 2022.