The Higher Education Price Index rose 3.6% in fiscal 2025, the Commonfund Institute reported, keeping college operating cost inflation above long‑run norms. Administrative and faculty salaries were notable drivers—administrative pay rose 4.8% and faculty pay 4.3%, the latter the highest recorded since tracking began—while utilities and service‑employee pay also climbed. Institutions face margin pressure as HEPI outpaced the Consumer Price Index, prompting some schools to cut budgets and contributing to gloomy outlooks from major rating agencies.