Food Stamps Benefits (SNAP) will have increased by 12.5 percent for the fiscal year 2023. The big increase is due to rising inflation, which is currently 7.7% as of October 2022. In this post, we will provide the food stamps increase chart and help you calculate how much you are likely to get in SNAP benefits if approved.
Additionally, we will provide the most recent inflation rate data and how much prices for food and other items have increased since a year ago.
Lastly, we will show the inflation rate by month since January 2021 to help you track the rate of inflation in the United State and the current upward trend.
Table of Contents:
- 2023 Food Stamps Increase Chart
- How Much will I get in Food Stamps if Approved?
- Inflation Rate for October 2022
- Notable Price Increases over the last year
- Inflation Rate Chart Since January 2021
2023 Food Stamps Increase Chart
Below is the 2023 Food Stamps increase chart, showing how much you are likely to receive if approved for SNAP benefits.
The chart is based on household size. SNAP recipients will start seeing the increased benefit amounts starting in October 2023.
|Maximum Benefit Amount by Household Size for Fiscal Year 2023|
|Effective October 1, 2022 – September 30, 2023|
|Household Size||Maximum SNAP Benefit Allotment|
|Each Additional Household Member: Add||$211|
As you can see, a family of three could get a maximum benefit of $740 while a family of 5 could get a $1,116 in maximum food stamps benefits.
How much you actually receive is based on your net household income (gross income minus allowable deductions).
How Much will I get in Food Stamps if Approved?
Here’s how to calculate how much say a family of 4 will get in SNAP benefits.
First, we need to start with the household income.
If you have a countable net income, multiply your net monthly income by 0.3 (30 percent).
Round up this amount to the nearest dollar.
Next, take this amount and subtract it from the maximum benefit level for a household of your size.
From the table above, the maximum a household of 4 could receive in SNAP is $939.
The result is the amount of your monthly SNAP benefits for a family of 4.
Here’s an example:
Example: Sandra and her family of four (4) have $1,350 in net income after allowable income and shelter deductions. To determine the family’s SNAP benefits, take 30% of the “net income” (30% of $1,350) and subtract it from the maximum benefit, as follows:
$1,350 Net Income for Sandra’s family
x .30 (Multiply by 30%)
$ 405 Countable Income
$ 939 Maximum SNAP for 4 persons
-$405 Countable income
$ 534 Monthly SNAP benefits for Sandra’s family
Inflation Rate for October 2022
According to the Labor Department, consumer prices in October were 7.7% higher than a year ago.
However, that is a slower pace of inflation than the 8.2% rate reported in September.
Additionally, the 7.7% rate is the smallest year-on-year increase in prices since January 2022.
Notable Price Increases over the last year
Below is a table of notable price increases in food and other items between October 2021 and October 2022, according to the U.S Department of Labor.
Price Changes between October 2021 and October 2022
Notable Price Increases
|Canned Fruits & Vegetables||+19%|
|Used cars and trucks||+2%|
|Pet services including veterinary||+11%|
Inflation Rate Chart Since January 2021
Here’s the monthly inflation rate since January 2021.
|U.S Monthly Inflation Rate by Month|
Food stamps increase chart for 2023 Summary
We hope this post on the Food stamps increase chart for 2023 was helpful.
Please let us know in the comments section below if you have further questions about Food Stamps or EBT Card.
Also, be sure to check out our other articles about SNAP and EBT, including: