August 4, 2023
CNBC recently published an article featuring Jay Zagorsky, Associate Professor of Markets, Public Policy, and Law, discussing his research on inflation since the Covid-19 pandemic.
This school year, many parents of elementary school students are noticing a significant increase in annual school supplies such as paper, pens, backpacks, and digital tablets. Parents are concerned as it was reported this year that an average family with elementary school through high school children plans to spend a record $890.07 on back-to-school items.
Zagorsky offers some tips for parents on how to navigate these prices for the upcoming school year. He additionally informs that back-to-school shoppers were less likely to say they are spending more because of higher prices in 2023 than in 2022.
“Shoppers should not insist on buying a specific item or brand as prices rise. By being flexible in what you’re purchasing, you can actually come away with both a happy child and a happy wallet.” Due to the fact that products are made and ordered by retailers months before back-to-school season ramps up, prices may also not exactly parallel inflation.