Average Cost Of Living Increase For 2024. Major cities, like new york city, have a higher cost of living than smaller cities, like albany. The exemption amounts in 2024 will be $85,700 for singles and $133,300 for joint filers, increasing by $4,400 and $6,800, respectively, over 2023 amounts.

3 in 5 workers (60%) said their incomes hadn’t kept up with inflation throughout 2023, according to bankrate’s pay raise survey. Bureau of labor statistics (bls), consumer prices rose 3.2 percent from february 2023 to february 2024, with the cost of food specifically.