Let’s face it, the stereotype of broke college students isn’t just a punchline anymore. With inflation rates skyrocketing, many students are feeling the pinch in their wallets more than ever.
“In 2021, the inflation rate was 6.3% which is not great. In 2022, the rate increased to 10.4%. Last year, it was 2.7% which is better, but that doesn’t mean prices went down. This just means inflation didn’t go up. The term for this is disinflation which is where inflation fell but prices still were high. The ideal rate is 2.0%,” said Mike Ryan, department head of economics and finance.
According to the U.S. Bureau of Labor Statistics, food prices in the Atlanta area have been steadily climbing since 2019, with 2022 and 2023 seeing some of the sharpest increases, with 2024 projected to follow that trend.
“It’s really hard. Something to note with food is that it’s an absolute necessity to live. On the other hand, it eats up a big part of a budget so it’s expensive but it’s also a necessity. That creates a lot of tension and uncertainty. Microeconomics is what’s happening to individual goods and so when you have important individual goods rising in price, it will show up in overall inflation in the macro economy in things like housing, medicine, and gas,” said Joel Potter, economics professor.
Students are feeling this change firsthand. “Yes, I definitely notice a difference. I’m just buying necessities at the grocery store and making changes like making coffee at home and using rewards on apps to get free fast food. I don’t enjoy it, but it’s just too expensive,” said Lydia Smith, sophomore marketing major.
Mekayla Shaw, freshman biology major said, “I have seen prices go up. I try to avoid going to bigger grocery stores and go to places like ALDI and Lidl instead because their prices are lower.”
Tight budgets are also leading students to get creative with their meals.
“I have definitely noticed a difference in price. I used to go to Publix but now I go to Walmart because it’s a lot cheaper. My go-to meals are cereal, oatmeal, chicken and beans, and canned vegetables. I try to use coupons and check out deals to get better prices,” said Seth Williams, junior engineering major.
“I have 10 meal swipes a week but that does not provide me three meals a day for the week. So, I keep grits and oatmeal packets in my room at all times in case I run out of swipes. I’ll also go for cans of soup,” said Lanna Ray, sophomore nursing major.
“I buy a lot of rice bowls from Lidl that comes with rice and options of either meat, tofu, or chickpeas, with a sauce. They are pre-cooked so all you have to do is microwave them so it’s fast and cheap,” said Shaw.
And when all else fails? “Honestly, I just resort to eating more at the dining hall because it’s ‘free’ with my dining plan,” said Smith.
