Travel Price Index

The Travel Price Index (TPI) tracks the cost of travel in the United States using U.S. Department of Labor data from the monthly Consumer Price Index (CPI). Released monthly, the TPI is comparable to the CPI while focusing on travel-related expenses.

Insights
Travel prices in April rose at more than twice the rate of overall inflation, with the broader Consumer Price Index (CPI) up 3.8% over the year, the highest annual rate since May 2023, and 0.6% for the month. The acceleration in headline inflation continues to be driven primarily by the energy shock stemming from the conflict in the Middle East, which pushed gasoline prices above $4.50 per gallon nationally and oil above $100 per barrel.
The Travel Price Index (TPI) rose 7.8% year over year, and 1.9% from March on a seasonally adjusted basis. The annual rate has now more than doubled in two months, from 1.1% in February to 7.8% in April, the largest increase since the post-pandemic rebound in 2022.
Upwards pressure on travel prices broadened beyond motor fuel as transportation and lodging costs also drove increases. Airline fares surged 20.7% on an annual basis and hotel prices reversed their early-year declines with a 4.3% annual increase. Food and beverage and recreation categories, by contrast, remained comparatively contained.

Key Results

• Motor fuel prices surged 29.1% year over year and 5.7% from March, remaining the single largest source of upward pressure on the index.
• Airline fares rose 20.7% compared with April last year; the first time the category has exceeded 20% annual growth since the post-pandemic fare recovery.
• Hotel prices increased 4.3% year over year and 2.8% from March, a reversal from declines recorded earlier in the year.
• Food away from home rose 3.6% year-over-year, broadly consistent with the trend in recent months.
• Recreation costs increased just 0.7% year-over-year and declined 0.3% from March.
• Intercity transportation fell 0.2% year over year, one of only two categories to show an annual decline.

(Note: April data reflects the continued impact of elevated energy prices following the onset of the Iran conflict in late February. A ceasefire announcement in early April provided some easing in oil markets, though prices remained well above pre-conflict levels throughout the month.)
 

Explore additional data and insights via the U.S. Travel Insights Dashboard.