The Bear Facts Staff believes…
Even if they have not affected our lives severely, considering most of our spending is not out of necessity, the effects of inflation have made us more aware of the number on the price tag.
The Oxford Dictionary defines inflation as “a general increase in prices and fall in the purchasing value of money”. To put it simply, when inflation rises, the purchasing power of the dollar decreases, meaning consumer’s money does not stretch as far as it used to.
Recent inflation may be a result of the lingering effects of the COVID-19 pandemic and the lack of immediate response from government officials exacerbating the problem; and though it may seem that prices are ever inflating, according to Bankrate, inflation is at its lowest since February of 2021 and is no longer rising. Nevertheless, whether it is in the grocery store, restaurants, gas prices, or the cost of living, we see the effects of inflation all around us.
A simple, accessible example of inflation can be seen in the cafeteria prices. Though only a few Bear Facts Staff members regularly eat school lunch, we all have noticed that the prices have risen. Though this could be a result of a change in lunch providers between the 2023-2024 and 2024-2025 school years, many of the upperclassmen have noticed that prices have been on a steady incline since their freshman year. With a wrap being 5 dollars, a few pieces of chicken being 4, etc., some believe the prices to eat are rather steep, and that they are paying for more than they are receiving. As a result, many find themselves opting for a packed lunch or homemade coffee instead.
The larger effects of inflation are mostly seen in retail and grocery stores, as we often find ourselves searching for the cheapest brand and finding new ways to save money. These may include limiting spending to special occasions, finding cost effective activities to do with friends, or going to second hand stores. Nevertheless, some financial stress seems unavoidable, and complicates not only the present, but also the future.
As many high schoolers prepare to move away from home in the coming years, a looming concern for many is the current cost of living. Although many of our parents, who left home in the 1980’s and were able to afford a single apartment and meet the necessities with a minimum wage job, those same feats are likely impossible in today’s economy. In fact, they may seem impossible with a well paying job, especially with student loan debt from high tuition prices. This introduces another future concern: college.
According to the U.S. News and World Report, the average cost for out-of-state students at public colleges comes to $24,513 for the 2024-2025 school year, not including other costs such as meal plans and textbooks. For a 4 year degree, this could add up to over $100,000, and while scholarships and financial aid are available, this pricing would still result in sizable loans. Not only has this discouraged some students from applying to certain colleges, but has made financial concerns a key player in deciding their future as a whole.
While the Staff does not necessarily think companies will be lowering their prices any time soon, and does think inflation has the potential to spiral further out of control, we think understanding the cause is the best way to stay afloat and secure in the current economy.
