This article examines the Higher Education Price Index (HEPI), an inflation index that is useful to trustees. It is the only one of its kind that is designed specifically for higher education and is a more accurate and custom-tailored indicator of cost changes for colleges and universities than the federally compiled Consumer Price Index (CPI). The HEPI helps officials forecast budget needs and shows why colleges' actual costs rise faster than inflation. This article describes what the HEPI measures, contrasts it with the CPI, and explains what makes this industry-specific price index so valuable.