Higher Education Price Index
Encyclopedia
The Higher Education Price Index (HEPI) is a measure of the inflation
rate applicable to United States
higher education
; more precisely, the increase in costs in a defined basket of goods and services typically purchased by institutions of higher education. The index is calculated on a fiscal year basis ending each June 30, by the Commonfund Institute, a branch of Commonfund, a non-profit organization devoted to the management of college
and university
endowments
.
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
rate applicable to United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
higher education
Higher education
Higher, post-secondary, tertiary, or third level education refers to the stage of learning that occurs at universities, academies, colleges, seminaries, and institutes of technology...
; more precisely, the increase in costs in a defined basket of goods and services typically purchased by institutions of higher education. The index is calculated on a fiscal year basis ending each June 30, by the Commonfund Institute, a branch of Commonfund, a non-profit organization devoted to the management of college
College
A college is an educational institution or a constituent part of an educational institution. Usage varies in English-speaking nations...
and university
University
A university is an institution of higher education and research, which grants academic degrees in a variety of subjects. A university is an organisation that provides both undergraduate education and postgraduate education...
endowments
Financial endowment
A financial endowment is a transfer of money or property donated to an institution. The total value of an institution's investments is often referred to as the institution's endowment and is typically organized as a public charity, private foundation, or trust....
.
Recent values
- 2008 Fiscal year: 3.6% (as compared to a 3.7% increase in the Consumer Price IndexConsumer price indexA consumer price index measures changes in the price level of consumer goods and services purchased by households. The CPI, in the United States is defined by the Bureau of Labor Statistics as "a measure of the average change over time in the prices paid by urban consumers for a market basket of...
. This marked the first time since 1995 that the higher education price index for a year was less than the Consumer Price Index.) - 2007 Fiscal year: 3.4% (as compared to a 2.6% increase in the Consumer Price IndexConsumer price indexA consumer price index measures changes in the price level of consumer goods and services purchased by households. The CPI, in the United States is defined by the Bureau of Labor Statistics as "a measure of the average change over time in the prices paid by urban consumers for a market basket of...
. - 2006 Fiscal year: 5.0%
- 2005 Fiscal year: 3.6%
- 2004 Fiscal year: 4.6%
- 2003 Fiscal year: 2.9%
- 2002 Fiscal year: 4.1%