The latest inflation report shows that inflation remains unchanged. Here's how that could impact your savings.
While there was hope that inflation would finally be on the decline, unfortunately, it appears to be holding steady. The latest data from the Federal Reserve's Consumer Price Index report shows that in September, the annual consumer inflation remained unchanged from the 3.7% increase in August. This figure is still well above the Federal Reserve's target inflation rate of 2%.
But what if you're seeking an even longer-term approach to your savings? This is where certificates of deposit come into play. CDs often provide higher interest rates than regular savings accounts — and that's especially true right now. It's easy to find CDs offering rates of 5.5% or more, especially when it comes to short-term CDs. While CDs generally require you to keep your money in the account for the full term, they can be a smart choice for growing your savings.
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Social Security recipients will get a smaller increase in benefits as inflation coolsSocial Security beneficiaries will receive a 3.2% cost of living adjustment next year. Inflation has been moderating recently, with consumer prices in September up 3.7% from a year ago.
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Social Security payments to increase by 3.2 percent as inflation coolsThe increase in benefit checks starting next year represents a smaller bump than in the past two years because inflation has eased from its highest rate in four decades.
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Social Security benefits will increase by 3.2% in 2024 as inflation moderatesMillions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year's historic boost and reflecting moderating co
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Social Security recipients will get a smaller increase in benefits as inflation coolsSocial Security beneficiaries will receive a 3.2% cost of living adjustment next year. Inflation has been moderating recently, with consumer prices in September up 3.7% from a year ago.
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Social Security benefits will increase by 3.2% in 2024 as inflation moderatesAbout 71 million people — including retirees, disabled people and children — receive Social Security benefits.
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U.S. stocks open slightly higher as investors parse CPI inflation reportChristine Idzelis is a markets reporter at MarketWatch and is based in New York.
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