Travel Inflation Price Tracker: May 2024 – NerdWallet

Some good news for travelers: Airfares, car rental and hotel prices in April were down compared to the same month last year. Falling travel prices is a bright spot for customers, considering that the price of pretty much everything else is going up. In fact, average consumer prices across all items rose 3.4% year-over-year through April.

According to NerdWallet’s Travel Price Index, the overall cost of travel is down 1% from the same month in 2023 and up 15% compared with April 2019 (the last fully-normal April before lockdowns). In short, expect the same trip taken this year to cost slightly less than it did this time last year, but more than it would if you had taken the trip before the pandemic.

Despite travel costs declining year-over-year, there are still things you can do to reduce the price of your trip. Check out our smart money suggestions below.

NerdWallet’s Travel Price Index combines data from individual travel categories tracked by the Bureau of Labor Statistics’ Consumer Price Index data, such as airfares, lodging, meals and rental cars.

Overall prices for the past 12 months through April 2024 rose 3.4% before seasonal adjustment. Still, not every individual line item experiences inflation at the same rate — especially when it comes to travel prices. Some types of trips might actually be more or less expensive than in the past, depending on if your trip involves airfare versus driving, if you’re staying in a hotel and whether it involves a rental car.

To help you better understand how travel prices have changed, NerdWallet honed in on five categories:

• Movies, theaters and concerts.

NerdWallet then compared those costs to their same prices a month ago and a year ago. And given how significantly COVID-19 altered the state of travel, the data also compares today’s prices to the same cost of those things pre-pandemic. For example, April 2024 is compared to April 2019 as the last corresponding pre-pandemic month.

Here’s what today’s travel prices look like:

How airfares have changed

When comparing April 2024 prices versus April 2023, U.S. airfares are down 5.8%. Compared to pre-pandemic prices, airfares are about 3.2% in April 2024 versus April 2019. That’s not a lot considering average prices as a whole are up by 22.7% since April 2019.

How hotels room rates have changed

Prices for lodging away from home — including hotels and motels in U.S. cities — did increase 1% month-over-month. Though, they are actually slightly down from last year, falling by 0.4% versus April 2023.

Unlike airfares that are barely higher than pre-pandemic prices, hotel and motel prices are significantly higher than what they were pre-pandemic — though still not as high as the 22.8% all-items average increase.

How rental car prices have changed

High rental car prices were one of the biggest stories of pandemic-era travel. Though prices have leveled off, they are still up an astounding 36.1% versus the same month in 2019. Still, the costs are better now than they were a year ago. Car rental prices are down 10.1% year-over-year.

How restaurant prices have changed

Food prices consistently rise nearly every month, and this month was no exception. In April 2024, the cost of food away from home was up 4.2% versus the same month in 2023.

And prices are far higher than pre-pandemic, with April 2024 prices coming in at 29.4% higher than what they were in April 2019. That’s higher than the inflation rate across all items, suggesting that restaurant prices have risen more than many other categories of goods.

How the price of movies, theaters and concerts has changed

Like restaurants, entertainment prices see fairly consistent increases — save for a small dip in 2020. Prices are now up 22.2% from what they were in March 2019, basically in line with the general rate of inflation.

The price for tickets to movies, theaters and concerts is up 3.4% year-over-year.

Smart money move: Use travel rewards cards to book

Paying for travel with points and miles versus cash isn’t as daunting a task as it may seem. Frequent flyer miles and hotel points can be accrued not just for recurring travel, but through other outlets as well. Credit card rewards and welcome bonuses can be one of the most popular ways to accrue a big stash of points for a lot less effort than living your life out of a suitcase.

In addition, travel credit cards can offer various money saving perks, like:

Here’s a sampling of cards that offer travel-related statement credits.

If you’re planning to travel in 2024 …

If you’re building your next vacation budget based on an early-pandemic-era trip, expect to pay far more now for pretty much every expense. Yet even though prices constantly feel like they’re getting higher, you can still save on travel with a little planning.

To avoid the costs of eating out, head to local grocery stores — which can be a fun activity on its own — or pack snacks from home. While in an airport, head to the lounge. Many credit cards have partnerships with airport lounge operators (Priority Pass is a popular one) where you can typically expect complimentary snacks and drinks.

NerdWallet conducted an analysis of the Bureau of Labor Statistics’ Consumer Price Index data released by the U.S. Department of Labor, which was most recently updated in May 2024 and measures prices of items like travel, groceries and cars. Prices usually change every month, but some prices change more than others.

Keep in mind, this data is based on April 2024 information, even though it is released in May 2024, so prices you actually see may have actually improved (or gotten even worse) than this data, because it lags one month behind.

And even within the realm of travel, some expenses might go up, while others might go down.

The NerdWallet Travel Price Index combines data from the Consumer Price Index, weighted by the estimated spending in each category, which is based on 2019 travel expenditure data from the BLS.

Here are the spending categories considered, and how heavily each was weighted: