High inflation has become a serious concern for many Americans. In July, the consumer price index (CPI) soared 8.5%, marking the 17th consecutive month in which inflation has outpaced the 2% target set by the Federal Reserve. Rising food and energy prices have been the primary drivers of that trend, and consumers are feeling the impact at grocery stores and gas stations.

Given the severity of the situation, Social Security retirement benefits are on pace to see a monster increase next year. Here's what you should know.

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Source Fool.com