The Consumer Price Index (CPI) rose 8.5 percent for the year ended in March, according to data from the US Bureau of Labor Statistics released on Tuesday, April 12. The Bureau of Labor Statistics defines the CPI as “a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.” March’s CPI marks the highest level seen since December of 1981, when the CPI hit 8.9 percent.
Increases in food and gasoline prices accounted for most of the March increase. Gas prices across the US rose by more than 18 percent in March alone. Food prices also increased by 8.8 percent, the biggest jump since May of 1981.
The editors agree that this inflation has been especially difficult for college students. Often these are people who are taking classes full-time and are only working part-time, if at all. As such, increases in gas and food prices have been especially difficult to cope with. Even when costs aren’t high, it can still be difficult for college students to get by, hence the “broke college student” stereotype.
“From getting groceries to filling your tank with gas, the stereotype of a broke college student is more applicable than ever. At least ramen is still a dollar,” said one editor.
“I feel like the stereotype is more true than ever,” agreed a second editor. “We have to be financially savvy if we are supposed to save for future purchases, like a car or a house, while also affording college life now.”
“We don’t have all the money in the world, especially if you’re someone who is paying to put yourself through college,” said another editor. “I think the ‘broke college student’ stereotype was created because we as students know that we are most likely going to be in major debt when we graduate, so we try to save as much as we can.”
“I live on my own and planned my spending around the prices at the time of August 2021. While my bills have remained consistent, food, gas, and transportation costs have all increased, making my life a little more stressful than it needs to be,” commented a fourth editor, who noted that his experience has been a little bit different than most college students due to his unique living situation. “I recognized inflation was becoming a genuine issue when I saw in a bagel store where the price of tomatoes, a staple crop in New Jersey, had risen by over 200 percent.”
“Gas prices especially have had a major effect on me,” commented the third editor. “Between driving back and forth to school for classes and clubs and sometimes going home on the weekend, I’ve had to pay more attention to the cost of gasoline.”
The editors also agree that it’s concerning to think about how inflation may continue to fluctuate in the future. There’s no guaranteed end in sight, although the war in Ukraine has contributed substantially to the current inflation.
“It’s a little scary since it seems as though there is no silver lining at the end of all this,” said the second editor. “A lot of things are uncertain, and for many of us, this is potentially the first recession we are experiencing as adults. So, we aren’t living in ignorance – we can’t live in ignorance since we have expenses we are responsible for.”
“As a college-age consumer, I think the best thing to do is just come up with a system or plan for how to save more of your money,” suggested the third editor. “Find moments where you can say that something is not an absolute necessity or find another way to do an activity on the cheaper side.”
“Truthfully, the only solution for college students is to be more frugal, and maybe seek support from parents,” said the fourth editor. “The government and individual colleges and universities should do more to provide support for college students, but for now we unfortunately must deal with the short end of the stick when it comes to this issue.”