Travel Price Tracker: June 2022

Like nearly every aspect of the economy right now, travel costs are being hit by soaring inflation. And if it feels like airfares and hotels are ridiculously expensive, you’re not wrong. Both categories are up significantly over the past year. Hotel prices are up nearly 12% versus this time in 2021, and airfares are up an eye-popping 34%.

That’s according to the latest set of Consumer Price Index data released in July 2022, which measures prices on 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 June information, even though it is released in July, 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. To help you better understand how travel prices have changed, IHowBlog analyzed the Consumer Price Index data released by the U.S. Department of Labor across five categories:

  • Movies, theaters and concerts.

IHowBlog 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, June 2022 is compared to June 2019 as the last full pre-pandemic month of June.

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

Airfare

Airfare prices took a nosedive during spring 2020 and generally stayed low just about every month until the end of 2021, when prices rapidly increased. In May 2022, airfares hit a record high.

Luckily, prices dropped in June versus May 2022 — but only just barely — notching a 0.2% price decrease. But considering that the overall Consumer Price index increased 1.3% in June from May, any decrease is a welcome reprieve for price-conscious air travelers.

How airfare prices have changed

June 2022 vs. May 2022 (MoM)

June 2022 vs. June 2021 (YoY)

June 2022 vs. June 2019 (Change since pre-pandemic)

Still, compare airfare today to the same time last year, and it’s expensive. June 2022 prices are still 34% more than what they were last year. They’re also 22% more than what they were the same month in 2019, suggesting that travelers are back in full force — perhaps to make up for lost travel during the pandemic.

Hotels and motels

The price for lodging away from home, including hotels and motels, saw one of the biggest swings of any price category throughout the duration of the pandemic.

In December 2020, average hotel prices dropped to their lowest levels since December 2013. Yet it didn’t take long for prices to new highs, setting new records throughout the pandemic — particularly in the summer of 2021.

Like airfares, May 2022 set new record highs for hotel prices. And like airfares, hotel prices recovered just a bit in June, down 0.8% month-over-month.

How lodging prices have changed

June 2022 vs. May 2022 (MoM)

June 2022 vs. June 2021 (YoY)

June 2022 vs. June 2019 (Change since pre-pandemic)

Yet even though the price decrease over the month is a small reprieve, travel is still expensive. You’ll pay 12% more for lodging this year versus the same time last year, and 9% more than what prices were in 2019, pre-pandemic.

Car rentals

High rental car prices have been one of the biggest stories of pandemic-era travel, especially after renters last summer witnessed record high prices in July 2021.

This month, car rental prices increased again, up nearly 4% from last month, and up an astounding 62% versus the same month in 2019.

How car rental prices have changed

June 2022 vs. May 2022 (MoM)

June 2022 vs. June 2021 (YoY)

June 2022 vs. June 2019 (Change since pre-pandemic)

Luckily though, prices aren’t quite as high as they were this time last summer, actually down about 8% — but realize that they’re still far beyond what they were before COVID-19.

Food away from home

Food prices consistently rise every year, including in the COVID-19 era. In June 2022, the cost of food away from home is up about 8% versus June 2021.

How restaurant prices have changed

June 2022 vs. May 2022 (MoM)

June 2022 vs. June 2021 (YoY)

June 2022 vs. June 2019 (Change since pre-pandemic)

Movies, theaters and concerts

Like restaurants, entertainment prices see fairly consistent increases — save for a small dip in 2020. Luckily for consumers, year-over-year price increases here haven’t been as drastic as those for dining out.

How the prices of movies, theaters and concerts have changed

June 2022 vs. May 2022 (MoM)

June 2022 vs. June 2021 (YoY)

June 2022 vs. June 2019 (Change since pre-pandemic)

If you’re planning to travel in 2022…

Especially if you’re building your next vacation budget based on a 2020 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.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2022, including those best for:

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