Travel costs decreasing significantly, according to Consumer Price Index report

Travel experts say airfare has dropped because of the decrease in jet fuel and waning demand amid pricey summer flights.

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ByJaclyn Lee via WPVI logo
Sunday, August 14, 2022
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The cost of travel has dropped significantly, according to the Consumer Price Index report released earlier this week.

PHILADELPHIA (WPVI) -- The cost of travel has dropped significantly, according to the Consumer Price Index report released earlier this week.

But travelers returning from summer trips still felt the pain in their wallets when booking flights.

"Expense-wise, it's been pretty much crazy with the inflation," said Eric Howard of West Philadelphia. "They already know how hard it is out here. We just want to go on vacation or see family members."

However, prices are changing. From June to July, car and truck rental prices dropped 9.5%, airfare decreased 7.8% and hotels and motels were 3.2% cheaper.

Travel experts say airfare has dropped because of the decrease in jet fuel and waning demand amid pricey summer flights.

"This comes on the heels of airfare really shooting up quickly in the spring. But I think it's important for folks to recognize while fares really did get quite a bit more expensive in the spring, they're starting to drop and drop quickly now," said Scott Keyes, founder of Scott's Cheap Flights.

Despite the drop in prices, Richard Jones Pennsauken said the cost of a rental car was crazy during his trip to Vegas.

"The car was a little like a Chevy Spark for $907 for three to four days," he said.