Travel Costs Are Running Double the Inflation Rate
The cost of travel is surging as war in the Middle East puts pressure on energy prices.
April’s airline fares were up 20.7% from the year prior, driven by a sharp increase in fuel costs, according to a Tuesday report from the Bureau of Labor Statistics. Lodging jumped more than 4%, while admissions to events like concerts increased 5.5%.
Overall U.S. travel costs are up 7.8% from last year, according to the U.S. Travel Association’s Travel Price Index. That’s the largest annual increase since 2022’s post-pandemic rebound and more than double the 3.8% rise in overall inflation.
The Bureau of Labor Statistics’s April report tracks the highest annual gains since May 2023. Gas prices jumped 28%, while other fuels like diesel increased 54%.
The average price per gallon as of Tuesday was $4.51, according to AAA, up 43% from last year. Diesel prices rose 60% to $5.66.
Other standouts among the latest consumer price
