U.S. Travel Association: Travel prices decline, lead the way for overall economy

June's CPI data indicates broad inflation easing, led by a notable 1.4% decline in travel-related costs (hotel, airline, gas) as per the U.S. Travel TPI, outpacing the overall economy's modest 0.1% decrease.

The article U.S. Travel Association: Travel prices decline, lead the way for overall economy first appeared in TravelDailyNews International.

WASHINGTON – Wednesday’s Consumer Price Index (CPI) release for June reveals an encouraging trend: Inflation is easing across the board – and travel-related goods and services are at the forefront. For the second month in a row, prices throughout the travel sector have fallen, and at a steeper rate than the overall economy.Acco rding to the U.S. Travel Association calculated Travel Price Index (TPI), prices decreased an impressive 1.4% from the previous month, led by lower hotel, airline and gas prices. In contrast, the overall economy saw a modest 0.1% decrease, the first monthly decline since 2020. Comparisons month-to-month, year-over-year, and against pre-COVID-19 levels all show today’s prices are more favorable for travelers.

“Now is the time for the travel industry to boost volume,” said U.S. Travel Association President and CEO Geoff Freeman. “We’ve already seen travelers take advantage, with eight of the ten busiest days in TSA’s history occurring in 2024. It’s essential that the industry is equipped with the right funding, resources and technology – coupled with sustained government focus—to meet an increase in demand.”

U.S. Travel updates the TPI monthly following the CPI release from the Bureau of Labor Statistics (BLS).

U.S. TravelAssociation 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 article U.S. Travel Association: Travel prices decline, lead the way for overall economy first appeared in TravelDailyNews International.