Fact Check: The cost of living has increased significantly in recent years.

Fact Check: "The cost of living has increased significantly in recent years."

What We Know

The claim that the cost of living has increased significantly in recent years is supported by data from the Consumer Price Index (CPI), which is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. According to the U.S. Bureau of Labor Statistics, the CPI for All Urban Consumers rose by 2.4% over the 12 months ending in May 2025. This follows a similar increase of 2.3% from April 2024 to April 2025, indicating a consistent upward trend in consumer prices.

Additionally, the Social Security Administration (SSA) announced a 2.5% cost-of-living adjustment (COLA) for 2025, which reflects the increase in living costs that affects millions of Americans. The COLA is directly tied to the CPI, further validating the claim that living costs have risen.

Analysis

The evidence supporting the claim comes from credible sources, primarily the U.S. Bureau of Labor Statistics, which is a government agency responsible for collecting and analyzing economic data. The CPI data is widely regarded as a reliable indicator of inflation and cost-of-living changes. The reported increases of 2.4% and 2.3% over the past year are significant, especially when considering that these figures are above the Federal Reserve's target inflation rate of around 2%.

Moreover, the SSA's announcement regarding the COLA for Social Security and Supplemental Security Income (SSI) benefits further corroborates the claim. The increase in benefits is designed to help recipients keep pace with rising living costs, which is a direct acknowledgment of the inflationary pressures affecting the economy.

While some may argue that inflation rates can vary significantly based on geographic location and specific consumer goods, the overall trend indicated by the CPI and the COLA suggests a widespread increase in the cost of living. Critics of the CPI methodology may point out that it does not account for all expenses, such as housing in certain markets, but the general consensus remains that living costs have indeed risen.

Conclusion

Verdict: True
The claim that the cost of living has increased significantly in recent years is supported by substantial evidence from reliable sources, including the U.S. Bureau of Labor Statistics and the Social Security Administration. The reported increases in the Consumer Price Index and the corresponding adjustments in Social Security benefits confirm that consumers are facing higher costs for goods and services.