12.2% increase to Snap benefits, otherwise known as food stamps. I have all the details and what you need to know right here in the topic, so let’s get right into it. Alright, now in this topic, I want to share with you a new report that was just released, specifically be focused on Snap benefits, otherwise known as Supplemental Nutrition Assistance Program or some people call it food stamps, which by the way, right now in the United States, about 43 million beneficiaries receive Snap benefits every single month. Well, I want to get into it and discuss all the details of this report and how this information is likely going to lead to a massive, massive raise for all 43 million beneficiaries who receive Snap benefits or food stamps every single month. Let’s get into it and discuss all those details.
I can keep you updated each and every day during this very busy time as we continue to get all this new information that is changing very rapidly and all these new announcements that are impacting benefits, raises to benefits, money checks, stimulus, and anything else that continues to pop up. Right now I’m watching it all closely and breaking it all down into these short topics so you can stay posted with what is actually going on and how it’s going to impact your money, your benefits, your lifestyle, your bank account, and everything else going on right now. So please remember, I am here for you in any way that I possibly can be.
I truly want to help you out in any way that I can in this community. I know it’s a tough time right now and I’m here for you right by your side every single day as that is my commitment and I’m sticking to it. And also share this topic with your friends, family, social media, so anybody else that is receiving benefits of any kind, including food stamps or Snap benefits, can also be aware of this information because this is going to be some pretty big information and some pretty big changes to benefit.
So thanks again. Let’s jump into it and discuss all the details. What is going on and what does this new report actually mean that was just released? All right, so this is actually interesting because we need to continue watching this and we don’t get all that many details on Snap benefit all that often. However, over the last few months here, we have been getting some details on these different states out there that have been sending out the extra allotment.
However, this is something that is completely different. This is in regards to the annual raise to Snap benefits. Did you realize there was such a thing? Well, there is just like the annual cost of living, adjustment for Social Security and retirement, SSDI survivors, SSI VA benefits, just like those. There is also an annual raise to Snap benefits based on inflation, right.
So I want to talk about all the details for you in this topic and what this new report is now saying. All right, so a new report that was just released called the Food at Home Index, that’s what it’s called, was just released. Basically what this does is give us a reading on food prices on a year over year basis. Check this out. It came in at 12.2%.
Let me break that down for you and let you know what this actually means. So basically what they do is they go around and they collect a basket of goods, right? A basket of foods. And then they kind of run the averages on as far as what our price is doing today based on one year ago. Well, they did the same thing.
And this basket of goods, this basket of food is up 12.2% year over year. So basically what that means the same food one year ago was 12.2% less in price. That’s huge. That’s massive. Can you imagine that?
That’s so much higher. Prices on food today, according to this report, are up 12.2%. That’s incredible. That’s really sad and unfortunate. Let me put this into perspective a little bit more clearly for you.
The last inflation number that we received from the CPI Consumer Price Index, which by the way, if you’ve been following the topic here on the site for any length of time, you know that we cover that number every single month because it is so incredibly important. The last CPI data number that was released came in at 9.1%. Again, to put that into perspective, food inflation is up over 3% higher than just the headline inflation number as represented by the CPI. Again, do you see any red flags here? Yeah, of course we do.
This is not a good sign. However, when it comes down to Snap benefits, it’s probably going to be a pretty nice thing because this is going to actually translate into a pretty big raise to monthly benefits. So let me talk you through the details about this a little bit more clearly. One quick side note, by the way, this 12.2% reading from this index is actually the highest reading that we’ve seen in 43 years, which would bring us back to is that 1979? If I’m doing my math directly.
Wow. I mean, seriously, I hope I’m right with that math. That’s 43 years. Yeah, 70 1979. 43 years ago was the last time that we had a reading this high.
So again, a 43 year high in this reading. Again, wow. Right? I mean, seriously, these inflation numbers that we’ve been seeing all across the board are very high, right? And this, again, is another example of this.
All right? So here’s how all of this translates into all this information and how this is going to translate into a big, big raise for Snap benefits. I know, kind of a long story here, but the fact of the matter is there’s a lot of different pieces to cover in this because there’s a lot of moving parts here. And realistically, we don’t talk about all this information all that often here on the channel. Realistically, like a couple of times a year.
That’s it. Well, this is the latest data. So here’s what it comes down to. The fiscal year for the federal government runs from October 1 until September 30. Well as of October 1.
So in just a couple of months from now, we’re going to be entering into the new fiscal year for the federal government. Why do we care? Here’s why. As of October 1, that is when the raise will be coming in for Snap benefits, right? So on October 1, that is when we’ll be getting this big raise to all the Snap benefits, not all the benefits.
This is just for Snap benefits, by the way, okay? Supplemental Nutrition Assistance Program, which, by the way, quick side note. Last year, the fiscal year 2022, which started on October 1, 2021, we got nearly a 30% raise to Snap benefits.
I believe it was something like 29.7%, or maybe it was 27.9%. It was something like that. I ran the exact numbers on it. Just shy of 30%. Was the raise last year or for this fiscal year right now?
Right. So again, here’s what it comes down to. The USDA, who actually kind of administers the Snap program. Basically what they do is they use something called the Thrifty Food Plan or TFP. Thrifty Food Plan.
So basically what they do here, again, is they take it a basket of foods and they basically apply it and they figure out how much is the pricing going to be on that for a family of four. Again, there’s a lot of moving parts here. I’m not going to get into all the intricate details. But basically what they do is they use the Thrifty Food Plan and they figure out how much it’s going to cost to feed a family of four. And that’s how they index the raise for Snap benefits.
Kind of makes sense. If you receive Snap benefits, you probably have a pretty good idea of what I’m talking about. And you probably know the details about this. But again, I’m trying to kind of brush on the surface here so we can all understand the situation. But basically what they’re going to be doing is they’re going to use the June numbers from this index that I just gave you a few seconds ago to determine how much they raise for the 2023 fiscal year is going to be, which again will be starting on October 1.
So the June number, based on this report, the Food at Home Index 12.2%, is what they’re going to use to determine how much of a raise to Snap benefits is there going to be now? Is the raise actually going to be 12.2%? It could be, or it could be higher. It could be lower, but they’re going to use this number to index the actual raise for benefits. So that’s going to be pretty big here, right?
So over the coming weeks and months here, we should be getting this official announcement as far as how much this raises actually going to be. But according to my research on this and everything that I was reading about it, I’m going to be real with you. I’m not some expert on Snap benefit. I do have a pretty good understanding of it, but I’m certainly not an expert on the topic. But I did do a lot of extensive reading on this because I came across these articles and I thought, hey, this is really good, and I know a lot of you here in the community receive Snap benefits.
So I started digging into it further. According to my assessment on this and according to my understanding on this, they use the June numbers from this index to determine how much that raise is actually going to be for the millions of Snap beneficiaries for the new fiscal year. Again, the June number came in at 12.2%. So we’re going to be looking at a pretty big raise to Snap benefits once again, right? So I want to fill this out there.
If you are not currently receiving Snap benefits, please apply. There’s no reason not to. It’s totally free to apply. If you are low income or you’re living on some kind of fixed income benefit from whether it’s Social Security, retirement or SSDI or SSI or Survivors or VA, try it. Or if you’re just low income, if you do not receive any fixed income benefits and you’re just low income, apply, seriously, it doesn’t cost anything to apply, and you can do it.
And maybe you’ll get some food loaded onto an EBT card. Sorry, money onto an EBT card. Sorry. They don’t load food onto the EBT card. They load money onto the EBT card.
So anyway, they put some money onto your card for you. Each and every month. You can go out to the store and buy whatever you see fit for the food products out of your grocery store. So one quick side note. If you want to apply for it, this is the 1800 number that I will give you.
If you want to look it up yourself, that’s totally fine too. I’ve called this number many times and I’ve also given it out in many of my topics. But I just want to be here for you as a resource to help you out in any way that I can. But this number is an automated system. If you call it, it’ll basically ask you, hey, where are you located?
And you basically just say, hey, I’m located in whatever state you are, and it’ll direct you to your local office. And then you can talk to a representative there and they can help you apply and do all the necessary steps. But anyway, the phone number is 180-221-5689. Again 1802-215-6891, more time now 1802215680. So feel free to call that number.
And again, if you want to double check that and check my work, by all means go for it. You can call the number, you can look it up online, whatever you want to do, whatever you see fit for you and whatever you’re comfortable doing. So I hope that kind of makes sense for you. But this is what it’s coming down to.
And it looks like Snap Beneficiaries are going to be getting a pretty nice, healthy raise, according to this new report that was just released. And again, this will all be coming here due in just a matter of months now. And remember, this new raise will go into effect October 1, not January 1, like the Cola raise for all the millions of Beneficiaries. And the raise to benefits, no Snap benefits. And the raise for Snap goes into effect October 1, pretty cool, right?
We’re not that far away realistically. Time goes fast and it’s not that far away. So again, if you want to apply, feel free to call that number. Otherwise you can simply just look it up online, do a simple internet search, just type in Snap or type in Supplemental Nutrition Assistance Program followed up by your state, and you should get some resources as far as where you can call your local office and things like that. But anyway, a pretty encouraging report.
We might be looking at a pretty substantial raise to Snap benefits. And again, the Cola rays that’s still up in the air right now as well. But again, that one is also looking very, very healthy as well for the millions of beneficiaries receiving fixed income benefits. So anyway, hope this really helps you out. Again, a new report I just came across.
I want to share it with you as I’m digging every single day. Digging like a dog, right? Just kidding. I know I’m not funny at all. My point is, that I’m digging through the information.
I’m trying to find some information to help you out. So I hope you found that to be a little bit funny because honestly, I thought it was kind of funny and clever because I just thought of it literally right now as I was talking.
Thanks again for watching this. Have a good one and I’ll catch you again later in the next.