[GObankingrates] Americans who receive Supplemental Nutrition Assistance Program (SNAP) benefits will get a needed financial boost thanks to a major cost-of-living adjustment (COLA) due to go into effect for fiscal year 2023.The COLA, which kicks in beginning on Oct. 1, 2022, will hike benefits by 12.5%, per Motley Fool’s The Ascent. The increase is designed to help offset this year’s skyrocketing inflation rate, which has been running at its highest level in more than four decades.
SNAP, formerly known as food stamps, is a federal program that provides food-purchasing assistance to low-income households. Although it is part of the U.S. Department of Agriculture, the program is administered at the state level. Recipients now have their benefits loaded onto Electronic Benefits Transfer (EBT) cards and no longer pay with food stamps.
The USDA announced the new COLA in an Aug. 9 memo posted on its website. As previously reported by GOBankingRates, here’s how the monthly SNAP benefit will change for recipients in the 48 contiguous states and District of Columbia:
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