Seniors have been severely affected by inflation. Most had to cut back on spending and many needed to take “drastic” measures, such as skipping meals, according to a recent survey.
Inflation has been running hot this year, raising to a four-decade high of 9 percent in June, before cooling down to 7.7 percent in October. Daily necessities such as food, shelter, and energy have soared in price.
Price hikes have hit seniors hard as they tend to depend on fixed income, Social Security benefits in particular. The benefits are adjusted for inflation annually, meaning the current inflation will only get reflected in payments send out next year. Moreover, the adjustment is based on the overall Consumer Price Index (CPI) which hasn’t risen as rapidly as the prices of daily necessities….