July’s CPI data indicates stable consumer prices and favorable conditions for travelers, with travel-related costs remaining consistent and airline fares decreasing slightly.
The U.S. Bureau of Labor Statistics Consumer Price Index* (CPI) 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.
U.S. Travel Association is the national, non-profit organization representing the $1.3 trillion travel industry, an essential contributor to our nation’s economy and success. U.S. Travel produces programs and insights and advocates for policies to increase travel to and within the United States.
*The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent on a seasonally adjusted basis, after declining 0.1 percent in June, the U.S. Bureau of Labor Statistics reported. Over the last 12 months, the all items index increased 2.9 percent before seasonal adjustment.
The index for shelter rose 0.4 percent in July, accounting for nearly 90 percent of the monthly increase in the all items index. The energy index was unchanged over the month, after declining in the two preceding months. The index for food increased 0.2 percent in July, as it did in June. The food away from home index rose 0.2 percent over the month, and the food at home index increased 0.1 percent.
The index for all items less food and energy rose 0.2 percent in July, after rising 0.1 percent the preceding month. Indexes which increased in July include shelter, motor vehicle insurance, household furnishings and operations, education, recreation, and personal care. The indexes for used cars and trucks, medical care, airline fares, and apparel were among those that decreased over the month.
The all items index rose 2.9 percent for the 12 months ending July, the smallest 12-month increase since March 2021. The all items less food and energy index rose 3.2 percent over the last 12 months and was the smallest 12-month increase in that index since April 2021. The energy index increased 1.1 percent for the 12 months ending July. The food index increased 2.2 percent over the last year.
TRAVEL PRICE INDEX_June24
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
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