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As Sarah Longmore finished her back-to-school shopping, the mother of five looked at a $25 backpack for her preschooler. Soaring inflation had crunched the family s budget, and she decided her daughter could make do with a hand-me-down. She put the backpack back.
Parents nationwide are finding their back-to-school dollars aren’t going as far as they once did. Inflation is at levels decades high, with prices spiking for groceries, gas, home goods and just about everything needed to run a household.