The Cost of Living Adjustment, or "COLA," provides for increases of the amount of benefits per month in order to keep pace with inflation.
According to SSA.gov, the latest COLA is 8.7 percent. In other words Social Security benefits will increase by 8.7 percent beginning with the December 2022 benefits, which are payable January 2023.
SSA uses a formula for determining COLA and it is based on increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), and this is calculated by the Bureau of Labor Statistics each month.
If inflation keeps going up, the COLA will likely increase again next year as well.