Consumer Price Index: How Much More Did You Pay for Vacation Because of Inflation in June 2022?
Travel enthusiasts got some good news from the federal government’s latest inflation report, as prices for three major travel categories showed monthly declines in June — including airfares and hotels. On an annual basis, however, travel costs have risen sharply.
The overall Consumer Price Index for June 2022 increased 1.3% from the previous month on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported Wednesday. Year-over-year, inflation rose a whopping 9.1%.
But travel categories were among the few major component indexes that showed monthly decreases. The June index for airline fares fell 1.8% from May after posting double-digit gains the previous two months. Year-over-year, airline fares in June rose 34%.
The index for lodging away from home declined 2.8% in June on a month-over-month basis, ending a run of two straight months of increases. Year-over-year, the index rose 10% in June.
The car and truck rental index for June fell 2.2% on a monthly basis following several months of increases. Year-over-year, the index is up 7.7%.
The one travel index that showed a big monthly gain in June was gasoline, which rose 11.2% vs. the previous month and 60% year-over-year. There’s good news on that front, however: Gas prices have been on a recent decline since hitting a record high in mid-June.
The national average for gas is $4.631 a gallon as of July 13, according to AAA. That’s down from $4.779 a week ago and $5.014 a month ago. Gas prices have been on a downward trend recently because of a slumping oil market, which has seen diminishing demand amid fears of a global recession.
Meanwhile, travelers who don’t mind being out on the ocean can find some good deals on cruise lines right now.
As GOBankingRates reported earlier this week, nearly 2,000 cruises have been priced at less than $100 a day for an interior stateroom through the end of the year. That includes 53 cruises that cost less than $50 a day. Prices have been pushing lower because most cruise operators have returned to full fleets for the first time since before the COVID-19 pandemic.
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