Many families wait until August to buy school supplies for their children. The ads come through in newspapers, commercials start showing up on TV, and ultimately we’re all reminded that the new school year has arrived. This year may be different than years past. The cost of imported goods has gone up month after month this year. Of course, the added cost on shoes manufactured abroad gets passed on to the consumer, as does increases in other articles of clothing and accessories parents buy for their children.

According to a Bloomberg.com article, the cost of imported goods rose more than 17% over the same month last year and 2.3% increase from the previous month this year.

Compared with a year earlier, prices of imported goods jumped 17.8 percent, the largest year-over-year increase since records on the index began in September 1982. That followed a 16.3 percent year-over-year gain in the prior month. Excluding all fuels, prices rose 6.1 percent for the year ended in May. [Source: Bloomberg.com]

So excluding fuel prices, the cost rose 6.1 percent from a year earlier. This means the clothes that cost $150.00 last year will run closer to $160.00 dollars this year. You can however save money on these items by finding the best deals through circulated flyers, newspapers, and online shopping. But the increase for certain items has yet to hit.

For instance, shoes may begin to see at least a 3-5% increase over the next few months. Many manufacturers have not transferred the cost to consumers yet, but they will be soon. We may also see an increase in belts, purses, and other leather goods over the next few months.  It may be the perfect time to buy the kids their school clothes and supplies.

There’s very little we can do to combat inflation. We can however be mindful of current trends and find ways to save money now. We can use our financial wit and saving prowess to combat this flustering economy.

Comment Questions

How do you save money on clothes?
Do you purchase goods ahead of time to save money?
Do you have tips on how to save money on school supplies?