Travel Price Index

The Travel Price Index (TPI) measures the cost of travel away from home in the United States. It is based on the U.S. Department of Labor price data collected for the monthly Consumer Price Index (CPI). The TPI is released monthly and is comparable to the CPI. 

Our view: Inflation data both for the overall economy as well as for travel-related items showed price increases remained largely in check in May. The CPI increased just 0.1% for the month (2.4% year-over-year) marking the fourth month in a row with low inflation. Travel prices continue to be attractive to consumers across core transportation, fuel and lodging categories. 

The U.S. Travel TPI for May showed price levels overall decreased on an annual and monthly basis for the third month in a row. The TPI fell 0.4% for the month, and is now down 0.6% on an annual basis, indicating prices for travel related goods and services are lower than they were one year ago. Airline fares fell for the fourth month in a row and were 7% below the level of May 2024. Gas prices also continued to fall and were 12% below last year’s level. Hotel prices continued to stay within a narrow band of flat pricing for the month, and were down 1.7% versus the prior year. Recreation prices decreased for the month, but similar to bars and restaurants remains a category that has had larger price increases than the economy overall over the past year.

Additional insight on travel and economic indicators are available with the U.S. Travel Insights Dashboard.