The U.S. Bureau of Labor Statistics Consumer Price Index release for July reflected a continuation of the encouraging trend of stable prices both for consumers overall and for travelers. Overall prices rose slightly for the month, while travel related prices were flat.
“Overall, comparisons month-to-month, year-over-year, and against pre-COVID-19 levels all show today’s prices are more favorable for travelers,” said Joshua Friedlander, Vice President of Research at the U.S. Travel Association.
According to the U.S. Travel Association-calculated Travel Price Index (TPI), prices were on average the same in July as for the prior month. Airline fares were down 1.6% and other travel related costs – such as lodging, transportation, and food and beverages outside the home – all rose at the same or lower rates than the economy overall. Recreation costs grew at a slightly higher rate than prices overall on a monthly and year-over-year basis but have risen more slowly since the pre-pandemic period.
