You might want to increase your budget for your summer vacation—inflation has hit the travel industry.
New numbers from the Consumer Price Index by the Bureau of Labor Statistics (BLS) show just how much prices have risen recently. Here’s what you can expect, along with tips for saving money.
Airfare
According to the BLS, airfares in April 2023 were an average of 9.6 percent higher than they were pre-pandemic in April 2019.
How to Save: Consider taking a road trip this summer instead. Data shows that gas prices have dropped 12.2 percent year-over-year, and rental car prices have also decreased by 11.2 percent.
Hotels/Vacation Rentals
The BLS measures inflation across a variety of accommodation options for travelers, including hotels, resorts, and vacation rentals. All of these overnight accommodation types are compiled into a category called “lodging away from home.”
Room rates for lodging away from home have risen 3.3 percent over the last year, and 23.6 percent over the last two years.
How to Save: Booked a refundable reservation? Keep an eye on rates at your hotel to see if prices drop before your arrival. If they do, you can rebook at a cheaper rate for no additional cost.
Don’t forget to search for a hotel on SmarterTravel Hotels, where we offer big discounts on properties all over the world.
Dining Out
Eating away from home, whether it’s in a fast food cafe or a fine dining restaurant, now costs 8.6 percent more than it did one year ago.
How to Save: Try not to eat every single meal out when you’re on vacation. Booking a vacation rental or hotel room with a kitchenette can make it easy to prepare a quick and inexpensive breakfast. Or, try hitting the local grocery store and picking up ingredients for a picnic in a scenic spot for a cheap (and memorable) lunch or dinner.
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