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Academe's own version of the inflation rate, the Higher Education Price Index, fell to 2.3 percent in 2009, down sharply from the 5 percent rate in 2008, the Commonfund Institute announced today. The price index is designed to be a more accurate reflection of colleges' and universities' costs than is the broad Consumer Price Index, because it uses products and services that are more typical of what postsecondary institutions purchase in a given year. The Commonfund Institute added two features to the index this year, aligning HEPI with the July to June fiscal year that most colleges use and for the first time providing regional figures, which ranged from 3.4 percent in the New England region to 2.0 percent in the East South Central and South Atlantic regions.
