Consumer Price Index for Elderly Consumers Act - Directs the Bureau of Labor Statistics of the Department of Labor to prepare and publish a monthly Consumer Price Index for Elderly Consumers (CPI) that indicates changes over time in expenditures for consumption which are typical for individuals aged 62 years or older.Amends titles II (Old Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act to provide for the use of such new CPI in the computation of cost-of-living increases for Social Security and Medicare benefits under such programs.
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