COLUMBIA, Mo. (KMIZ)
The UM Board of Curators are set to meet Thursday morning at 9 a.m. at Missouri S&T to discuss inflation at the university among other topics.
According to curators, the Consumer Price Index rose to its highest level in four decades in 2021, at 7%.
The university is already feeling the strain of the increases in inflation according to curators, with multiple suppliers increasing costs significantly in 2022.
These suppliers include:
- UM's primary fuel supplier- 10% increase over the prior year
- UM's primary paper supplier- 10% increase in 2022
- MU Healthcare's primary supplier of medical supplies- 7% increase in 2022
The record high inflation levels at the university have also led to significant labor force challenges, according to curators.
MU Healthcare is currently struggling to hire and retain nurses and other healthcare workers as wages to attract new employees also continue to rise.
The university has seen similar struggles throughout its departments, with volunteer turnover increasing and time taken to fill job openings stretching out over several months for key positions.
Curators plan to take a strategic approach to combat inflation and deal with staffing shortages, however the university will not take action across the board to address salary inflation.