LARAMIE, Wyo.—Ashton Hacke, an international studies major, and Michaela McGee, a primary and special education major, are in a “medium-distance” relationship—one that’s complicated by soaring fuel and food prices.

CHEYENNE, Wyo.—Inflation can be the unwelcome guest at many of life’s biggest moments. It’s the bewildering cost of living accompanying a young person heading to college and the gut-churning hit to retirement funds creeping up on people inching closer to exiting the workforce.