Travel Price Index

Overall, consumer price increases accelerated in September, rising 0.6% on a monthly basis after a 0.4% increase in August. The Consumer Price Index (CPI) rose 3.7% year over year in September, up from 3.4% in August. Energy was again the primary driver: a 9.1% monthly jump in the CPI gasoline index accounted for more than half of the overall increase, and the energy index rose 5.2% in September. Energy prices were 20.4% higher in September than the same month in 2025. 

The Travel Price Index (TPI) rose 2.1% in September compared with the prior month—its largest monthly gain since March 2026—now standing 8.7% above September 2025 levels. Travel price growth continued to outpace the broader economy, with the TPI's annual increase more than doubling that of the overall CPI. Reflecting the broader economic index, rising gas prices were the primary driver of the monthly TPI increase, though lodging and airfares also moved higher. After declining in June and July, the TPI has risen two consecutive months. 

Despite the recent increases, airfares, lodging rates and recreation costs all remain below 2019 levels on an inflation-adjusted basis (by roughly 8%, 13%, and 5%, respectively).  
 

Category Highlights 

•  Motor Fuel: Gas prices rose 9.3% in September, the largest monthly increase of any TPI category. Fuel was 34.9% higher than a year ago and nearly 66% more expensive than September 2019. 
• Airfares: Airline ticket prices rose 1.2% in September, remaining 22.4% higher than September of last year and 20.2% above 2019 levels. Jet fuel prices climbed sharply during the month, averaging roughly 16% higher than in August. 
• Hotels: Lodging prices rose 2.3% from August to September and were 4.3% higher than the same time last year. Hotel prices were 14.5% higher than in 2019, showing much less price growth than other categories and the economy overall. 
• Both Recreation and Food and Beverage categories had only fractional month-to-month increases (0.5% and 0.2%, respectively). Food and Beverage prices rose 3.4% year over year, roughly in line with the overall CPI, while Recreation prices rose a modest 1.3%.