Inflation for U.S. colleges and universities rose 2.7 percent in fiscal year 2021, which ended in June, according to Commonfund’s latest Higher Education Price Index (HEPI). The increase is a jump from last year’s 1.9 percent bump but falls in line with the five-year average of 2.6 percent.
The price index, released Thursday, is a more accurate measure of cost changes for colleges and universities than the Consumer Price Index and helps institutions project future budget increases that will preserve purchasing power.
Costs rose in all eight spending categories tracked by the HEPI, though the rate of increase fell in the faculty salaries, clerical costs and miscellaneous services categories.
