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4% COLA takes effect as of the next pay period. I don't think that matches last year's price inflation rate, but it is considerably better than no raise at all. (See for example: teachers in lower income districts, who go without raises for years, while do-nothing administrators continue to get lavish increases year after year.)
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According to the #USDoL Bureau of Labor Statistics ( #BLS ), consumer prices rose 6.5% overall in 2022. https://www.bls.gov/opub/ted/2023/consumer-price-index-2022-in-review.htm [www bls gov]