Government shutdown delays Social Security's cost-of-living announcement. Here's what to know.

The Social Security Administration's annual announcement setting next year's cost-of-living adjustment, or COLA, will be delayed because of the government shutdown , the agency said.

Each year, the Social Security Administration adjusts benefits for its 75 million recipients based on recent inflation data, which ensures that seniors, disabled Americans and other beneficiaries don't lose purchasing power as prices rise.

Social Security had planned to announce the new COLA on Oct. 15, the same day the Labor Department was scheduled to release September Consumer Price Index data, a key measure of inflation. The COLA is determined by inflation figures for the third quarter, which covers July through September.

With much of the government's economic data on hold until Congress approves