Car rental agency

Holiday inflation costs impact travelers as summer approaches

STATEN ISLAND, NY — The U.S. Department of Labor reported another major jump in the consumer price index last week, acknowledging that inflation jumped to 8.6%, the country’s biggest increase since 1981 .

And while new government data offers a bleak look at our daily necessities, food, fuel and shelter aren’t the only costs rising.

According to travel app Hopper, domestic airfare is costing travelers 34% more than in 2019, CBS News reports. Accommodation is also more expensive with Airbnb prices inflated by 11% this year alone. And the price of a rental car? This is an increase of more than 70% compared to 2020 figures.

For vacationers who are finally ready to hop on a plane this summer after a two-year travel hiatus, these are grim statistics.

“There are so many expenses that people overlook when it comes to travel,” Sally French, travel rewards expert for NerdWallet, told CBS. “But I think the biggest issue for people right now is these car rental prices.”

Nerdwallet research reveals that it also costs more to do things on vacation: eating out will cost 7.2% more than last year, and tickets to movies and concerts are up nearly 6%. According to AAA, the national average for gas prices is approaching $5, making any type of road trip an expensive outing.

CBS reports that nearly 43% of Americans say economic concerns are causing them to cut back on travel or cut their vacation budget.

“I was going to Antelope Canyon, Yosemite, Yellowstone,” Sean Sherman, who was planning a family summer vacation, told the news agency. “I just said, look, we’re putting it on the back burner right now and it broke some hearts, but that’s the reality.”