Travel Price Index

Travel Price Index (TPI) – May 2026

Overall consumer prices continued to rise in May, with the broader Consumer Price Index (CPI) up 4.2% year over year, the highest annual rate since April 2023—and 0.5% for the month. Core inflation, which excludes food and energy, rose 2.9% year-over-year and just 0.2% for the month, indicating that recent price pressures remain concentrated in energy rather than broadly across consumer goods and services.

Travel-related prices continued to outpace overall inflation. The Travel Price Index (TPI) increased 9.8% year over year and 1.5% from April on a seasonally adjusted basis—more than double the pace of the broader CPI. Annual travel inflation has accelerated for four consecutive months, climbing from 0.3% in January to 9.8% in May, the fastest rate since the post-pandemic recovery period in 2022.

While travel prices remain elevated, monthly increases have begun to moderate. The TPI rose 1.5% in May, down from 2.8% in March and 1.9% in April.  A similar pattern is evident in the broader CPI, where monthly inflation slowed from 0.9% in March to 0.5% in May. Although annual rates continue to rise due to base effects, underlying price momentum has eased somewhat in recent months.

(Note: May data continues to reflect the impact of elevated energy prices following the onset of the conflict in the Middle East in late February.)

Category Highlights

• Motor Fuel: Motor fuel prices rose 40.9% year over year and 6.8% from April, marking the strongest annual increase since mid-2022 and the largest contributor to travel inflation. Prices are now 56.5% above May 2019 levels, outpacing all other travel categories.
• Airfares: Airline fares increased 26.7% year over year and 2.7% from April. Despite recent gains, fares remain only 17.3% above May 2019 levels, compared with overall consumer inflation of 30.8% during the same period. Jet fuel prices have fallen roughly 35% since peaking near $4.88 per gallon in early April, though they remain well above year-ago levels.
• Hotels:  Hotel prices rose 5.1% year over year, continuing a steady acceleration from 2.1% in March and 4.3% in April. Monthly growth moderated to 0.5% following April's 2.8% increase.
• Food Away From Home: Restaurant prices increased 3.5% year over year, largely in line with recent trends.
• Recreation: Recreation prices rose 2.0% year over year, rebounding from April's softer 0.7% increase, with prices up 1.0% for the month.