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As students and parents gear up for the new school year, concerns over the cost of school supplies are mounting.
However, according to Paul Martin, a business commentator, the perception that inflation hits school supplies harder than other expenses might not be entirely accurate.
“I don’t think inflation hits back-to-school supplies any harder than anything else,” Martin explains. “It’s just the timing. Inflation is taking a pinch out of everybody’s budget, whether that’s groceries or clothing or travel, all of that sort of stuff.”
Martin points out that the real issue with school supplies is their nature as an annual expense that arrives suddenly, often catching families off guard.
“The problem comes with that school supplies is that kind of once a year item that just surprises your budget. You use supplies for the whole year. It’d be nice to be able to spread it out and make it a monthly payment. But it comes as one big hit at the end of the summer.”
This timing, coupled with the additional summer expenses such as holidays and childcare, intensifies the financial strain. “After the summer, we’ve had summer holidays and probably some childcare expenses and that kind of stuff,” Martin notes. “And then you add this last one on top of it. So it pinches the budget a little bit harder.”
On a broader scale, Martin provides some reassuring news about inflation in Canada.
“Inflation is actually low, and inflation in Saskatchewan is the lowest in the country.”
Martin also touches on shrinkflation, though he believes it affects different areas more prominently. He explains that shrinkflation, where products become smaller while prices stay the same, is a tactic suppliers use to economize.
“Shrinkflation is a reality. However, you probably don’t see it on school supplies; they don’t sell you 16 crayons and only put 14 in the box. It’s more about packaging sizes, this tends to be more on the food side.”