Projected Cost Of Living For 2024. This year’s 4.12% inflation rate. The 2024 cola percentage is determined by the annual rate of inflation measured by the consumer price index (cpi), which was 4.12% for 2023.
That’s a huge drop from this year’s 8.7% cola, which pushed the average monthly check up by about $146. You would need to make around $20,000 more, $80,925, to maintain the same lifestyle in chicago, which has a 34.88 percent higher cost of living.