Social Security COLA for 2027 may jump to 4.7%, one estimate finds. This chart shows prices driving the increase

A customer shops for produce in an H-E-B grocery store on May 11, 2026 in Austin, Texas. Brandon Bell | Getty Images Consumer prices rose in May, pushing the annual inflation rate to its highest level in three years, according to new government data . That points to a 4.7% Social Security COLA for 2027, according to a new estimate from Mary Johnson, an independent Social Security and Medicare policy analyst. Last month, Johnson had forecast a 4.2% COLA for next year. …