With state budgets set to shrink in coming years, colleges may have to look at cutting costs—rather than raising tuition—to stay afloat amid declining enrollment and growing skepticism about the value of a degree.

Although average college tuition and fees has increased since last year, prices at public colleges and universities are rising at a slower pace than inflation.

That finding—which means the inflation-adjusted cost of college has actually decreased over time, even amid prevailing public perceptions that the cost of college has become so high that it’s not worth it—is the key takeaway of the College Board’s 2024 “Trends in College Pricing and Student Aid” annual report, released Monday.