Yes, Social Security benefits are indexed to the Consumer Price Index (CPI). This indexing is done to ensure that the purchasing power of Social Security benefits is maintained over time in line with inflation. The CPI is a measure of changes in the prices of goods and services typically purchased by urban consumers, and it serves as a benchmark for adjusting various payments, including Social Security benefits. By tying these benefits to CPI, adjustments can be made annually to reflect changes in the cost of living.