Higher Ed Inflation Increased in Fiscal 2021

(From Higher Ed Dive) Inflation for U.S. colleges and universities rose 2.7% in the 2021 fiscal year — an increase over last year's rate of 1.9% — according to the Commonfund Higher Education Price Index. The index tracks changes to eight higher education cost components: faculty salaries, administrative salaries, clerical costs, service employee costs, fringe benefits, utilities, miscellaneous services and supplies and materials costs. The sharpest increase came in utilities, which rose 15% in fiscal 2021 after falling 15.7% the year before. Meanwhile, faculty salaries, which is the most heavily weighted of the components, remain unchanged at private institutions.

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