Surging inflation has two implications for seniors

Social Security COLA likely will be substantial in 2022, but lag effect clips spending power this year.

The surge in the Consumer Price Index last month points to an interesting year on the inflation front for seniors.

The CPI rose 4.2% from a year earlier during April - the fastest pace since 2008 and much higher than the 3.6% pace economists had been predicting.

Some of this is temporary noise - the April figure is calculated against inflation last year…