Why the shutdown isn't stopping the monthly inflation report
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The Consumer Price Index for September will publish Oct. 24 despite the government shutdown, the Bureau of Labor Statistics announced Friday.
Why it matters: Resuming the release demonstrates the political power of Social Security — the CPI is crucial to determining Social Security's annual cost of living adjustment, known as COLA.
- A delay could upset seniors expecting a raise.
- The Social Security Administration said Friday it will use the release to announce the COLA adjustment on Oct. 24 and that there would not be delays in raises for retirees or recipients of Supplemental Security Income that go out to 75 million people.
- Federal law requires the Social Security Administration to calculate the cost of living adjustments and publish information about those increases before Nov. 1, a White House official told Axios Thursday.
Catch up quick: The government shutdown lapsed funding for key agencies, including the Bureau of Labor Statistics, which is responsible for the CPI, the monthly jobs report and other economic indicators.
- That means all work on the price data was halted. The closely watched CPI was supposed to come out Oct. 15.
- Thursday night, a government official told Axios some BLS employees would be called back to work so the CPI report could be produced.
What they're saying: The BLS said no other releases will come out until the government reopens.
- "This release allows the Social Security Administration to meet statutory deadlines necessary to ensure the accurate and timely payment of benefits."
What to watch: The COLA is likely to be slightly higher this year on the back of slightly higher inflation.
