BAY COUNTY, Fla. (WMBB)— It’s that time of year again. Parents across the nation are gearing their children up with school supplies for the upcoming school year.
This year the price tags may look a little different with inflation at a 40 year high.
Which is why the Boys and Girls Club of Bay County and Simon malls are hoping to gather over a hundred supply-filled backpacks for families in need by August 7th.
“The need is a little bit greater than times before,” said Boys and Girls Club of Bay County CEO, Hank Hill.
According to a new 2022 back-to-school survey by Deloitte, a financial advising company, parents are expected to spend on average $661 per child on back to school items this year- that’s an 8% increase from last year.
Dr. Joseph Krupka, Accounting and Financial Planning Program Coordinator at Florida State University Panama City, said that supply chain issues leading to shortages, have been another cause of many price hikes.
He credits Russia’s war on Ukraine for price hikes relating to grain and oil, which he said leads to strains on other items.
“I think there will be a limitation on what the parents see for school supplies,” said Dr. Krupka.
According to the survey, clothing items are leading the increase by in price 18%.
Dr. Krupka warns the high prices may be here to stay.
“I’m looking at this mild recession and high prices going into next year,” he said.
He recommends in addition to taking advantage of the sales tax holiday which lasts until August 7th, parents should aim to budget their spending.
“Buy the staples you need. The lunchbox that works, not the most popular fad item,” he said.
If you would like to donate to the school supply drive benefitting the Boys and Girls Club of Bay County, you can drop off donations at the Simons Mall Management Office in Pier Park, Forever 21, Dillard’s, Pink Narcissus, Tervis or Dollar Tree.
Donations can also be dropped off at the Boys & Girls Clubs of Bay County facility located at 16200 Panama City Beach Parkway, Panama City Beach, Florida 32413.
The supply drive will last until August 7th.
Supplies they are looking for include:
- Spiral Notebooks
- Looseleaf Paper
- Blue ink pens
- Black ink pens
- Classic 12 point pencils
- Mechanical Pencils
- Multicolor Highlighters
- Pronged and non-pronged folders
- Three ring binders
- Index Cards
- Sticky Notes