#Snap raise prizes update

Without these changes, the value of SNAP benefits would erode over time these adjustments ensure that households retain purchasing power. In addition to the October 1 increase to maximum benefits, USDA announced this week increases to reflect inflation in the program’s income limits, standard deduction, cap on excess shelter deduction, homeless shelter deduction, minimum benefit level, and asset limits. The Department of Agriculture (USDA) also makes other annual program adjustments to account for inflation. The cost of the TFP in June 2022, which will be the basis for fiscal year 2023 SNAP benefits, was $939.90 per month for the reference family of four, defined by law as a man and a woman aged 20 to 50, a child 6 to 8 years old, and a child 9 to 11 years old. The maximum SNAP benefit levels are equal to the cost of the TFP from the preceding June scaled to household size. To ensure that SNAP benefits keep pace with the cost of food and other expenses, SNAP automatically adjusts benefit levels each October 1. SNAP benefit levels are based on the cost of the Thrifty Food Plan (TFP), a set of foods that represent a nutritionally adequate diet that low-income households can purchase and prepare, assuming they take significant steps to stretch their food budget. SNAP’s purpose is to increase low-income households’ purchasing power so they can afford a more nutritious diet. (Adjustment of SNAP benefits for inflation differs slightly from overall inflation for groceries for the same time period because the basis of the benefit is weighted more heavily toward certain foods, such as fruits and vegetables, whole grains, and dairy.) The inflation report for July shows that inflation moderated in July, but prices for grocery food were up by 13.1 percent compared to July 2021.

#Snap raise prizes update

The SNAP benefit update is based on food inflation for the 12 months ending in June 2022. SNAP maximum benefits, which are tied to food inflation, will increase by a similar percentage (12.5 percent) at the start of the next federal fiscal year in October. That’s the largest 12-month increase since April 1979.

Prices for groceries (food to be prepared or eaten at home) rose 12.2 percent for the 12 months ending June 2022 (see graphic). On October 1, 2022, Supplemental Nutrition Assistance Program (SNAP) benefit levels will automatically rise to reflect changes in the cost of living, helping households with low incomes cover their food needs and countering recent high food inflation.įood budgets have been stretched thin in recent months due to rapidly increasing prices for groceries and other necessities.