• News
  • Travel
    • Cities & Places
    • Beaches
    • Maps
    • Festivals
    • Wildlife
    • Gallery
  • Crypto
  • Health

Recent Consumer Price Index Shows Impact On Travel

3.2KShares
80.5KViews

Based on the latest report, a recent consumer price index revealed how it affects travel. According to the most recent Consumer Price Index (CPI) report from the Bureau of Labor Statistics, prices went up marginally in August.

This makes inflation more severe for people who are considering taking a trip, and it may prompt the Federal Reserve to raise interest rates the following week. The Consumer Price Index (CPI) increased by 0.1 percent in August, which is a slight increase from the month-to-month movement of zero percent in July.

However, the CPI increased by 8.3 percent over the past year in August, which is a slight slowdown from the 8.5 percent annual growth rate in July.

The Report

The annual inflation rate in the United States fell for the second month in a row to 8.3% in August 2022, the lowest in four months, from 8.5% in July but above market expectations of 8.1%.

COPYRIGHT_BUG: Published on https://www.bugbog.com/recent-consumer-price-index/ by Velma Battle on 2022-09-15T04:46:22.653Z

The energy index increased by 23.8% in August, compared to 32.9% in July. Smaller increases were reported for gasoline (25.6% vs 44%) and fuel oil (68.8% vs 75.6%), while natural gas (33% vs 30.5%) and electricity (15.8%, the highest since August 1981) inflation accelerated.

Meanwhile, food inflation increased to 11.4%, the highest since May 1979, shelter (6.2% vs 5.7%), and used cars and trucks (7.8% vs 6.6%). Consumer prices rose 0.1% month on month, following a flat reading in July and falling short of forecasts of a 0.1% drop. The US CPI index was 296.17 points in August, compared to 296.28 points the previous month and 295.53 points expected by the market.

See video report below.

Stock market tumbles after August Consumer Price Index report

According to Sally French, a travel expert at NerdWallet, the most recent inflation data offers some reassuring information for consumers who are concerned about the cost of their vacations. The summer of 2022 saw hotel and airfare prices reach all-time highs, but those levels have since stabilized at their current levels.

The Consumer Price Index revealed that the price of gasoline continued its significant decline, falling by 10.6 percent in August despite the fact that the economy is still struggling. The national average price for a gallon of gas started the week at $3.72, which is a significant decrease from the all-time high of $5.01 that was reached in the middle of June.

There were also several positive price changes for industries related to travel this month, including a decrease of 8.8 percent in the prices of airfares, a decrease of 4.6 percent in the prices of rental cars, and a decrease of approximately 2.3 percent in the prices of hotel room rates.

"Even though prices are dipping, they are still mostly higher than they were this time last year, when there were more travel restrictions," continued French. "The reason for this is because there are a lot more people trying to travel."

Airline ticket prices are expected to remain 33 percent higher in August 2022 compared to August 2021 as a result of a number of factors, including high travel demand, rising jet fuel prices, and staffing shortages.

According to the Sally French, 2022 prices are also significantly higher than their pre-pandemic levels. The cost of airfare for August 2022 is nine percent higher than the cost of airfare for August 2019. If you're building your next vacation budget based on a trip in 2019, be aware that you'll likely pay much more now for pretty much every expense than you would have paid back then.

Final Words

The Consumer Price Index (CPI) reported earlier this month that the cost of renting a car increased by 48 percent between July 2019 and July 2022. This increase is significantly higher than the seven percent increase in hotel prices during the same time period and the 16 percent increase in the cost of airfare.

Share: Twitter | Facebook | Linkedin

About The Authors

Velma Battle

Velma Battle - Travelling Expert

Recent Articles

  • The Different Types Of Bitcoin Faucets

    Crypto

    The Different Types Of Bitcoin Faucets

    Imagine a world where you can earn real cryptocurrency by clicking a button or playing games. It sounds too good to be true, but welcome to the world of bitcoin faucets!

  • Things To Do In Rome - Suggestions You Need To Consider

    Travel

    Things To Do In Rome - Suggestions You Need To Consider

    If you are planning to visit Italy's capital and get to know the things to do in Rome then continue reading. Rome, being the capital of Italy, is a destination that draws in millions of tourists from all over the world every single year.

  • 3 Ways To Make Money With NFTs

    Crypto

    3 Ways To Make Money With NFTs

    NFTs are revolutionizing the digital world, offering a new way to make money through the sale and purchase of virtual goods. As their popularity grows, so do the opportunities for making money with NFTs.

  • Best Places To Travel For Astrology Fans From Every Continent

    Cities & Places

    Best Places To Travel For Astrology Fans From Every Continent

    If you’re an astrology lover looking to explore the stars around the world, there are a few destinations that stand out as ideal places to visit. From the streets of India to the beaches of Hawaii and the wonders of the Middle East, here are some of the best places to travel for astrology fans.

  • Beyoncé Gives A Grand Opening Performance At Dubai Atlantis Royal Hotel

    News

    Beyoncé Gives A Grand Opening Performance At Dubai Atlantis Royal Hotel

    The queen set the stage on fire! Beyoncé gives a grand opening performance at Dubai Atlantis royal hotel. Beyoncé started her much-anticipated show at the "Grand Reveal Weekend" event at the Atlantis The Royal hotel in Dubai, United Arab Emirates, on Saturday.

  • Norwegian Cruise Line Reduces Onboard Entertainment

    News

    Norwegian Cruise Line Reduces Onboard Entertainment

    Reportedly, Norwegian cruise line reduces onboard entertainment. The entertainment offerings onboard all of Norwegian Cruise Line's ships are being scaled back, including fewer onboard staff members and fewer production shows.

  • Delta To Spend $1 Billion For Free WiFi And A Lot More

    News

    Delta To Spend $1 Billion For Free WiFi And A Lot More

    Delta to spend $1 billion for free WiFi and a lot more. Delta CEO Ed Bastian told a crowd that was standing room only during his keynote address at CES on Thursday that free and high-quality WiFi service available in the air was "the last frontier of connectivity."

  • Best Locations For Science Travel In Europe To Visit Next Summer

    Cities & Places

    Best Locations For Science Travel In Europe To Visit Next Summer

    Europe is known for its ancient ruins and cobblestone streets, but it has also seen some of the greatest scientific advancements and breathtaking natural phenomena. These locations for science travel in europe are perfect choices for a trip.

  • Emeril Lagasse Is Named Carnival Cruise Line's Chief Culinary Officer

    News

    Emeril Lagasse Is Named Carnival Cruise Line's Chief Culinary Officer

    Emeril Lagasse Is Named Carnival Cruise Line's Chief Culinary Officer. Emeril Lagasse, a well-known chef and restaurateur, has been appointed Chief Culinary Officer of Carnival Cruise Line.

  • Spirit Airlines Flight Makes An Emergency Landing Following A Reported Lightning Strike

  • Visit Topsail Island - Why You Shouldn't Miss The Secret Paradise Of North Carolina

  • Bitcoin Will Revolutionize The Travel Industry

  • New Travel Trends Survey Finds American Travelers Eager To Explore

  • Be Aware Of The Most Commons Travel Accidents Before Your Next Trip