Travel-Related Costs on the Decline

Image: Many advisors said clients are booking further out to ensure they obtain their choice in vacations. (photo via iStock / Getty Images Plus / crazydiva)
Image: Many advisors said clients are booking further out to ensure they obtain their choice in vacations. (photo via iStock / Getty Images Plus / crazydiva)
Donald Wood
by Donald Wood
Last updated: 10:50 AM ET, Wed December 14, 2022

New data from the United States government revealed that costs associated with travel dropped in November.

According to the U.S. Bureau of Labor Statistics' Consumer Price Index (CPI), overall prices across all spectrums rose by only 0.14 percent over the last month, easing concerns about the continued inflation rates impacting the economy.

For travelers, the data showed that many travel-related costs decreased in November, including nationwide airfares dropping by 0.6 percent month-over-month (or a seasonally adjusted three percent).

"This month's inflation reading comes as good news for people concerned about the high cost of travel," NerdWallet travel expert Sally French said. "While overall prices are still rising, the travel industry is bucking the trend, notably when it comes to hotel prices which are down nearly five percent since last month."

The CPI found that lodging prices decreased by five percent since last month, while rental car prices are down 0.3 percent month-over-month. The price of a car rental is still up 42 percent since November 2019, but is down from 2021 record highs, six percent year-over-year.

As for travelers looking to grab a bite to eat while on the road, the cost of dining out is slightly up month-over-month, with prices increasing 8.5 percent versus this time last year and up 19 percent compared to 2019.

"Still, prices are still far higher than what they were pre-pandemic, so people planning their first trips since then should plan accordingly," French continued. "Credit card points and miles remain one of the best ways to fund large chunks of vacation costs, and meeting an introductory offer can be one of the fastest ways to build up a points balance."

Earlier this week, AAA Travel revealed the national average price for a gallon of gasoline in the U.S. dropped 14 cents since last week to $3.26, making the winter holiday travel period more bearable.

Data shows there are now approximately 34 states with average gas prices lower than last year. The current cost of $3.26 is also 52 cents less than a month ago and six cents less than a year ago.


For the latest travel news, updates and deals, be sure to subscribe to the daily TravelPulse newsletter here.

Topics From This Article to Explore

Get To Know Us Better

Agent At Home

Helping leisure selling travel agents successfully manage their at-home business.

Subscribe For Free

Agent Specialization: Group Travel

Laurence Pinckney

Laurence Pinckney

CEO of Zenbiz Travel, LLC

About Me
Agent At Home

Helping leisure selling travel agents successfully manage their at-home business.

Subscribe For Free

Agent Specialization: Group Travel

Laurence Pinckney

Laurence Pinckney

CEO of Zenbiz Travel, LLC

About Me

Become A Travel Expert

Upcoming Webinar
Selling Groups, family and Adventure TravelJune 7-8 2-5PM ETSelling Groups, family and Adventure Travel
Upcoming Webinar
Destination Leisure Travel ExpoOctober 11-12 2-5PM ETDestination Leisure Travel Expo
Upcoming Webinar
Culinary & Wellness Travel ExpoNovember 15-16 2-5PM ETCulinary & Wellness Travel Expo
Upcoming Webinar
Selling Groups, family and Adventure TravelJune 7-8 2-5PM ETSelling Groups, family and Adventure Travel
Upcoming Webinar
Destination Leisure Travel ExpoOctober 11-12 2-5PM ETDestination Leisure Travel Expo
Upcoming Webinar
Culinary & Wellness Travel ExpoNovember 15-16 2-5PM ETCulinary & Wellness Travel Expo