According to Commonfund Institute's latest update, the HEPI forecasts a 3.7 percent inflation rate for U.S. colleges and universities in fiscal year 2025. The latest forecast, based on data through August 28, 2025, predicts a slight increase from last year's 3.4 percent inflation rate. The HEPI estimate is calculated with year-to-date publicly available data points coupled with a forecast of remaining numbers based on historical data. The final HEPI number for fiscal year 2025 will be available before calendar year end. Download the detailed estimated data.