CNN  — 

Social Security recipients will receive an annual cost-of-living adjustment of 3.2% for 2024, a much smaller increase than the inflation-fueled boosts of the past two years, the Social Security Administration announced Thursday.

The lower adjustment reflects the fact that inflation has moderated this year. Recipients had received increases of 8.7% for 2023 and 5.9% for last year, which were the largest since the early 1980s.

This is a breaking story and will be updated.