It's more involved than just the CPI index as shown below:
(from ss website)
COLA Computation
The last year in which a COLA became effective was 2014. Therefore the law requires that we use the average CPI-W for the third quarter of 2014 as the base from which we measure the increase (if any) in the average CPI-W. The base average is 234.242, as shown in the table below.
Also shown in the table below, the average CPI-W for the third quarter of 2016 is 235.057. Because this average exceeds 234.242 by 0.3 percent, the COLA effective for December 2016 is 0.3 percent. The COLA calculation, with the result rounded to the nearest one-tenth of one percent, is:
(235.057 - 234.242) / 234.242 x 100 = 0.3 percent.
CPI-W for—
2014 ....................................2016
July 234.525................... 234.771
August 234.030............ 234.904
September 234.170...... 235.495
Third quarter total 702.725 705.170
Average (rounded to the nearest 0.001) 234.242 235.057
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