Travel Price Index

The Travel Price Index (TPI) tracks the cost of travel in the United States using U.S. Department of Labor data from the monthly Consumer Price Index (CPI). Released monthly, the TPI is comparable to the CPI while focusing on travel-related expenses.

Key Insights

Although October data was not released, the November CPI showed only a small increase for overall price levels from September and remained in check year over year. Travel prices decreased on both a monthly and annual basis. Notably, the government shutdown affected data collection and reporting for the period.

• The CPI grew 0.2% over two months and 2.7% year over year, below September’s 3.0% and in line with trends for much of 2025.
• Travel prices fell, with TPI down 0.2% from September and 0.8% from November 2024.

Category Highlights

Price decreases across multiple travel components kept inflation contained for the TPI.

• Airfares showed significant price declines across short- and long-term periods. After rising over the summer, airline fares decreased 6.6% in November relative to September and 5.4% compared with the same time last year.
• Hotel prices also decreased and have been trending slightly down for much of the year. In November, they were down 1.7% compared with September and 5.7% below November 2024, when prices had spiked.
• Gas prices moderated to a 0.7% increase in November after a 4.0% jump in September but remained relatively stable for the year, up 1.1% versus November 2024.
• Recreation costs fell 1.6% for the month but remain 1.5% above last year’s levels.
• Prices at bars and restaurants rose slightly faster than the CPI overall and remain the only TPI components with inflation higher than the overall economy.

Explore additional data and insights via the U.S. Travel Insights Dashboard.