The Social Security Administration confirmed Thursday there will not be a cost of living increase for 2016 due to declines in consumer prices.

The nearly 65 million recipients of monthly Social Security and Supplementary Social Security Income will see no automatic increase in their payments next year. Steep declines in oil prices have driven down inflation for many of the consumer goods that the federal government includes in its cost of living calculations. The move had been widely anticipated in recent days ahead of Thursday's official announcement.

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