If you are an employer, you will want to take note of the fact that the cost of living increase for 2022 may be even higher than expected. While inflation is still a concern, it is estimated that the expected Social Security COLA in 2022 will be the largest in more than 40 years. That means that wages for your employees are set to increase in a big way.
Inflation expectations are rising substantially since early 2021
Inflation expectations are a measure of how people expect prices to rise in the future. This is important because high inflation causes workers to demand higher wages and businesses to increase their prices to cover the costs.
There are a number of different ways to track these expectations. They can be measured by economists' forecasts, as well as surveys of consumers and businesses.
The Federal Reserve has been attempting to keep inflation expectations stable at 2 percent. However, the upward trend in inflation has accelerated since early 2021.
Tulare County Board of Supervisors approved a supplemental cost of living adjustment
The Tulare County Board of Supervisors approved a supplemental cost of living adjustment for 2022/23, which is formally called the Supplemental Cost of Living Adjustment. The 7% pay raise will affect more than 4,000 county employees.
The cost of the raise is estimated to total $28 million over the next fiscal year. It will be paid out of the County's general fund. However, elected officials will not be subject to the supplemental cost of living adjustment.
The Tulare County Farm Bureau is the nation's #1 dairy county. This non-governmental organization supports local farmworkers.
Hawaii has the highest cost of living in the U.S.
Hawaii is a beautiful place to live, but it also comes with a high cost of living. In fact, it has the highest cost of living in the nation. The costs of housing, healthcare, and groceries are far more expensive in Hawaii than they are in most other states.
Hawaii has the most affluent residents in the country, but it is one of the hardest places in the United States to make ends meet. A single person in Hawaii can expect to spend over $1,000 on gas each year.
Washington, D.C. has the second most expensive place to live
Affordability is an important factor when choosing a place to live. You want to be sure that you're not paying more for living in a city than you would in another area. For example, if you're planning on buying a house, you'll need to figure out how much it will cost to buy a home in the district.
The average American spends $1,784 a month on housing. This is one of the biggest factors contributing to the high cost of living in most of the country's most expensive cities.
Farmersville Unified teachers are still struggling to reach an agreement on wage increases
The Farmersville Unified School District (FUSD) and the Farmersville Teachers Association (FTA) have been in negotiations for months, and they have reached an impasse. It has cost the district nearly $200,000 in attorney fees since February of this year, but they have not been able to break the deadlock.
In the past month, the two parties held two remote mediation sessions, which were cancelled because of lack of progress. After the first session, the two parties agreed to hold a second one on May 31, which was postponed because of a scheduling conflict.
Inflation in shops accelerated to 1.5 per cent in January
A recent report by the British Retail Consortium indicates shop price inflation in Britain accelerated to 1.5 percent in January. That's the highest inflation rate in four years. It's also the strongest inflation in the past 28 years. The rise puts cost of living on the political agenda.
Inflation is fueled by the rapid increase in energy prices. Higher shipping costs, labor shortages and pent-up demand contributed to the surge in consumer prices.
Food prices were another factor behind the inflation spike. Global shortages of staples and fresh foods caused prices to spike.
Social Security COLA hasn't seen such a big spike in about 40 years
The Social Security COLA hasn't been this big since about 40 years. That is because it is based on a government-determined price index. But the index is not designed for the older population, which often has higher costs than younger people.
This year's increase was huge, and it will continue through the end of the year. It will help many Americans, especially seniors. As of now, the average benefit will jump from $1,658 to $1,802, a jump of $144 per month.
According to experts, the benefit increases are likely the largest for more than three decades. Depending on your full retirement age, your payments may increase by between 10 and 20 percent.