Will Food Stamps Be Impacted by Inflation Rates?
The overall Consumer Price Index for June 2022 increased 1.3% from the previous month on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics said. Year-over-year, inflation rose a staggering 9.1 percent. According to the CPI, food at home prices have increased 12.2% in the last year. As food prices increase, SNAP benefits quickly lose their purchasing power.
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A household’s SNAP benefit amount depends on the number of people in the household, income and financial resources. According to the U.S. Department of Agriculture’s Thrifty Food Plan, the maximum benefit for a family of four is set at the cost of a market basket for a family of that size, USAFacts reported. The Thrifty Food Plan estimates how much it costs to provide a low-cost, healthy diet.
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USAFacts says households eligible for SNAP receive the maximum benefit for their household size minus 30% of their net income. Families without income receive the maximum benefit. From October 1, 2021, through September 30, 2022, the SNAP maximum allotment for a single person is $250 in 48 contiguous states and the District of Columbia.
The maximum SNAP benefit amount is calculated on a yearly basis to account for changes in the cost of living, USAFacts reports. Any adjustments or changes go into effect at the beginning of the fiscal year, or October 1. Benefits for 2022 were calculated on June 1, 2021, and do not account for increases in prices since that period.
The Thrifty Food Plan was revised in June 2022 and won’t take effect until October 1, 2022.
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