Though Federal Reserve Chairman Ben Bernanke says inflation remains soft - or below the Fed's 2 percent target - local back-to-school shoppers might disagree.
This week, Huntington Bank released its eighth-annual Backpack Index, which measures the average cost of school supplies and other items parents might purchase to support students' extracurricular activities.
As in prior years, the survey found these costs are going up far faster than inflation.
On average, the cost of school supplies has increased 7.3 percent since last year, dramatically outpacing 1.39 percent consumer price index inflation rate during the same time period.
The index includes costs for traditional school supplies like as paper, pencils and erasers. It also includes other extracurricular items, such as the price of renting musical instruments and costs associated with playing sports.
The costs vary, depending on whether parents are shopping for elementary, middle or high school students.
Parents of elementary and middle school children will pay 5.3 percent more for supplies this year, according to the survey. Huntington said the average elementary school parent is expected to spend about $577 their child's supplies, while middle school parents should spend about $763.
Parents of high school students will see the biggest jump, according to the survey. The $1,223 they will pay for their child's school and extracurricular supplies is up 9.5 percent compared to 2012.
Bank analysts noted that parents who plan to buy their child a mid-priced tablet computer would end up paying nearly 36 percent more overall on items than they would have spent last year.