2024 Cost Of Living Increase Percentage. Cost of living when inflation drives up the price of goods and services, currency is devalued and the cost of living increases. These adjustments are called cost of living adjustments cola.

The cola in 2023 was 8.7 percent — the highest in more than 40 years as inflation soared — but dipped to 3.2 percent in 2024 as price pressures cooled: Employers plan to offer an average salary increase of 4% for 2024, according to a new survey from wtw, which advises companies on compensation.