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Stimulus check benefits worth more than $1,800 could hit eligible Florida residents' bank accounts. This stimulus benefit is coming because residents had tackled one of the major inflation spikes in the last 40 years.
In June, American consumer prices rose to 9.1%, higher than economists' prediction of 8.8% growth. It was mentioned in the 13th July report submitted by the government that the price of all things surged in June, such as food, groceries, gas, rent, and medical care.
The Senior Citizens League (TSCL) said that because of a dramatic increase in inflation, seniors would get a 10.5% increase in their Social Security checks in early 2023, which means Florida seniors could expect COLA benefits of an average monthly payment of $1,833.10.
Mary Johnson, Social Security and Medicare policy analyst at the Senior Citizens League, said, "A high COLA will be eagerly anticipated to address an ongoing shortfall in benefits that Social Security beneficiaries are experiencing in 2022 because inflation is higher than their 5.9% COLA."
The Senior Citizens League (TSCL) also said that if inflation increases any further, seniors could get one of the highest COLA benefits since 1981, which is 11.4%.
And if any decrease in inflation is witnessed, then seniors will see an increase in COLA benefits of 9.8%.
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