The inflation rate calculated specifically for higher education institutions was 3 percent for the fiscal year that ended for most colleges this summer. That's nearly double inflation rate of the previous year, according to a new report by the Commonfund Institute. The Higher Education Price Index includes salaries, fringe benefits, "miscellaneous services," utilities, supplies and materials. HEPI, as it's known, is also higher than the Consumer Price Index, the more commonly talked-about inflation rate, which was about 1.6 percent over the same period.
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