(WHTM) – While the latest Consumer Price Index report came in below three percent, consumers are noticing a rise in the prices of school supplies.
“It’s interesting that I personally saw my oldest son going to middle school, so we personally spent over $100 just on what they needed there,” said Alexander Langan, chief investment officer at Langan Financial Group. “That money can add up very quickly.”
Inflation could “break the bank” this back-to-school season, Langan tells abc27 News, without looking for deals or a budget.
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“As most people know, the average person, about 63 percent of households can’t afford a $500 emergency bill,” Langan said. “So if you add that, you know, $100, $150 plus two kids, three kids, you’re going to be in real trouble for school for a month or months if you really have to continue to spend that kind of money, and God forbid, if you go to a private school where you have to pay tuition for that or, you know, the kid is in college.”
It might be a good idea to compare prices, says Langen, “maybe shop online first to see if there are good prices, then go to the store and compare.”
“I’m going to look for some clothes, maybe some folders and accessories,” said Robert Su of Cumberland County. “You know, I have a shopping problem, so I don’t really care about prices.”
Sue says his son is going into third grade.
“I kind of pamper him because I’m a single dad,” Suh added. “Everything goes up a few percent. So, it’s not like it’s too much of a stretch. We don’t really need a budget, do we? A bag, a notebook, a folder, stationery. It’s not like anything else, but I like him to look presentable. So, his clothes are more like my problem.”
Langan reminds the public to be careful if you’re shopping with your credit card, because you want to make sure you can pay that bill as well.
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