Families all throughout the country are struggling with rising prices for school supplies, clothing, and technology as the back-to-school season gets underway. This is due to the continued inflationary trend.
Consumer Price Index (CPI), a crucial indicator of inflation maintained by the Labor Department, increased by 0.9% in June, exceeding economists’ expectations. The upshot of this increase, which was the biggest month-to-month shift since June 2008, was a 5.4% increase over the previous year, which was the highest annual inflation rate since August 2008.
The back-to-school shopping environment is rife with inflationary pressures. Essential things like notebooks, pencils, and backpacks are becoming noticeably more expensive, which is concerning for parents. The price of gadgets has significantly increased as well, a category that has become more popular as a result of the move toward distance learning.
As people spent more time at home during the pandemic, clothing prices fell; nevertheless, they are currently rising. The CPI reported a 0.7% increase in garment prices in June, bringing the annual increase to 4.9%.
The inflationary tendency extends beyond apparel and school supplies. Families’ expenditures are significantly impacted by the price of food, which has increased as well. According to the CPI, food prices rose by 0.8% in June, or 2.4% over the previous year.
According to the Federal Reserve, the current inflation is just temporary and can be attributed to supply chain problems and slack demand as the economy recovers from the pandemic. However, if inflation continues, it might have an effect on consumer spending, which is a key engine of the American economy.
Families are using a variety of tactics to manage their budgets as they traverse the back-to-school shopping season despite these inflationary pressures. Some people choose to repurpose goods from the previous year, while others shop earlier than normal to take advantage of deals and discounts.
In conclusion, the continuous inflationary trend is making the back-to-school purchasing season even more challenging. Families all over the country are changing their purchasing habits as they get ready for the new school year to account for the rising cost of food, clothing, and school supplies.
About Author
