SNAP Benefits 2022 Update: Will Your EBT Payments Increase Amid Soaring Inflation?

SNAP benefits 2022 also known as food stamps will see an update with the continuous rise of inflation rates, causing food prices at grocery stores or supermarkets to increase by 12.2% from the previous year.

Go Banking News reported that the increase in food prices is the biggest recorded in 43 years and even surpassed the overall inflation rate of 9.1%.

Supplemental Nutrition Assistance Program benefits, earlier called food stamps, are adjusted each year for inflation. However, the current fiscal year cost-of-living adjustment is at 2021 prices.

The current administrator of SNAP benefits is the Agriculture Department. The agency noted on its website that they adjust SNAP maximum allotments, deductions, and income eligibility standards at the start of each fiscal year, which is from October 1 to July 1. The changes the agency applies are based on the alterations in the cost of living.

The USDA uses Thrifty Food Plan, which estimates how much it costs to provide nutritious, low-cost meals for a household.

Maximum allotments are calculated using TFP every June.

SNAP Benefits 2022 Update

Center on Budget and Policy Priorities noted that the SNAP benefit levels will automatically rise to show the changes in the cost of living starting on October 1.

Grocery prices increased 12.2 percent for the 12 months ending June 2022, which is considered the biggest 12-month increase since April 1979.

The SNAP maximum benefits are linked to food inflation and are set to increase by a similar percentage at the beginning of the next federal fiscal year. The cost of the TFP in June 2022 was $939.90 per month for a family of four.

USDA announced this week that increases will be done to reflect inflation, standard deduction, the cap on excess shelter deduction, homeless shelter deduction, maximum benefit level, and asset limits.

The value of SNAP benefits will erode without the changes done as adjusted to the inflation.

Other federal programs that are adjusted annually are school meal reimbursement rates, income thresholds for Medicaid, and Social Security benefits.

EBT Payments for September 2022

States that will be receiving extra food stamps in the month of September 2022 include Colorado, Ohio, Texas, and Oregon among others, as reported by Houston Case Managers.

SNAP benefits are deposited using Electronic Benefits Transfer cards. Some states have different names for EBT cards, so they may be called differently in various states.

EBT payments can be done by swiping the card at checkout in grocery stores, major retailers, and participating farmers' markets.

Yahoo Finance added that recipients can also purchase their goods online at participating online retailers depending on the state you live in.

In addition, the EBT payment schedule also depends on the state, with payments typically deposited based on the last numbers of your identification number for your state's program.

Qualified foods that can be bought using EBT payments include fruits, vegetables, meat, poultry, fish, dairy products, snack foods, and non-alcoholic drinks among others.

This article is owned by Latin Post.

Written by: Mary Webber

WATCH: Emergency SNAP benefits to expire, food banks worry how families will cope - from 11Alive