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.

Key Insights
January data showed travel costs continuing to ease, with the Travel Price Index posting only a slight monthly increase while overall inflation held steady. Consumer prices rose 0.2% for the month and 2.4% on an annual basis, whereas travel prices edged up just 0.1% and were only 0.3% higher than a year ago. This gap suggests travel remains relatively affordable for consumers compared with the broader economy.

Category Highlights
The TPI's modest monthly increase was driven primarily by a notable rebound in airfares, partially offset by falling fuel costs and a continued pullback in lodging prices. Over longer-term comparisons, travel prices remain well below overall inflation on an annual basis.

• Airfares rose 6.5% in January, following December’s 5.2% increase, and now stand 2.2% above year-ago levels.
• Hotel prices continued to ease, falling 0.5% after December's 3.5% gain, and remain 3.2% below January 2025 levels.
• Gas prices declined 3.2% for the month and are now 7.3% lower than last year, representing the most significant year-over-year decrease among TPI components.
• Food and beverage prices, up 4.0% annually, and recreation, up 2.0%, remain the only TPI categories outpacing overall inflation on an annual basis.
   

Note: The Bureau of Labor Statistics released annual seasonal adjustment revisions with this report, resulting in minor updates to historical figures over the past five years.

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