Colleges Saw Costs Rise 4% in Fiscal Year 2023

Inflation for U.S. colleges and universities rose 4 percent in fiscal year 2023, according to data from the annual Commonfund Higher Education Price Index released Wednesday. It’s the second-highest rate of inflation since fiscal year 2008, when the HEPI was at 5 percent. HEPI has been tracking inflation in higher education since 1961. It is mostly used to project budget increases required to preserve purchasing power and is considered a more accurate indicator of cost changes for higher education institutions than the Consumer Price Index, according to a news release.