Travel Price Index

The Travel Price Index (TPI) rose 1.6% from July and was 7.4% higher than August 2025, up slightly from the 7.1% year-over-year increase recorded in July. Transportation related costs were the primary driver of the monthly increase, with both motor fuel and airfares rising sharply.

Travel prices in August were 29.9% above 2019 levels, roughly in line with the 30.5% increase in consumer prices overall.  However, trends vary significantly by category: motor fuel and food away from home have risen well above pre-pandemic levels, while airfares and hotel prices have increased considerably less than overall inflation.

Category Highlights

• Motor Fuel: Gas prices rose 4.1% in August, reversing declines in June and July. Fuel prices have now been at least 19% above year-ago levels for six consecutive months.
• Airfares: Airline ticket prices increased 2.7% in August and were 23.4% higher than a year ago. Airfares are now 20.3% above 2019 levels, still well below the 30.5% increase in overall consumer prices over the same period. 
• Hotels: Lodging prices increased 2.7% in August following two consecutive monthly declines. Despite the increase, hotel prices were just 2.9% higher than a year ago and 14.1% above 2019 levels, significantly below overall inflation. 
• Recreation and Food & Beverage: Recreation prices declined 0.4% in August and were just 0.8% higher than a year ago. Food and beverage prices increased 0.2% for the month and 3.3% year over year, roughly in line with overall consumer inflation.