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Consumers are prioritizing back-to-school shopping even as inflation continues to surge, hitting a new four-decade high in June.
According to the National Retail Federation (NRF) and Prosper Insights & Analytics' annual survey, total back-to-school spending is projected to reach $37 billion, matching 2021's record high.
To cover the cost of school supplies for the upcoming year, though, 38% of consumers say they have to cut back in other areas, according to the nation's largest retail trade group.
JUNE INFLATION BREAKDOWN: WHERE ARE CONSUMER PRICES RISING THE FASTEST?