Inflation-driven price increases for school supplies are having an impact on families’ budgets as they get ready to start a new school year.
More than a third of American families said they are cutting back on spending in other areas this year to pay for school supply costs, according to the National Retail Federation.
In this calendar year alone, many companies have raised their prices five times, according to Kelly Zawisza, owner of a school supply store, who told CBS News correspondent Adriana Diaz, “It’s hard.”
There is currently a shortage because many mills were forced to close due to the pandemic.
According to Zawisza, both parents and teachers have said that this year’s back-to-school season has been the most costly she has seen.
And she is correct.
The federation found that households with children in elementary school through high school are likely to spend an average of $864 on school supplies this year — up about $15 from last year.
Back-to-school spending overall is predicted to equal the record high set in 2021of $37 billion.
One father with a girl who is going to enter first grade told Diaz, “The costs have climbed excessively.” “You’ll easily spend approximately $70 on a few school supplies.”
And the expensive prices could continue for a while. Inflation in the nation will “likely stay uncomfortably high for some time,” according to a forecast made last month by the Federal Open Market Committee and the Board of Governors of the Federal Reserve System.
In order to save money on the expensive supplies, Kelly Glass, editorial director of the parenting publication Kindred by Parents, suggests that families “pre-shop” online for school supplies as well as take advantage of local sales and coupons.
Be strategic, advised Glass. There can be a backpack brand that is more expensive than others yet offers a lifetime warranty.