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

December consumer data showed overall prices rising at only moderate rates. Increases in air and hotel rates drove the Travel Price Index to its largest monthly increase since September 2023. Overall inflation in December was +0.3% for the month and +2.7% on an annual basis—consistent with levels recorded through the second half of 2025.

Category Highlights

The TPI rose 1.7% for the month on a seasonally adjusted basis and 0.8% compared with December of 2024.  The increase was driven by upwards rebounds in prices for airfares, hotels and recreation. Over longer-term comparisons, travel prices have continued to show less inflation than for prices overall.

• Airfares grew 5.2% in December, reversing a 6.6% decline in November (which included the government shutdown period), but remained 3.4% below last year’s levels.
• Hotel prices had been generally lower for much of the year but increased 3.5% in December. They were still 1.8% below December 2024 levels.
• Gas prices fell 0.4% in December—the only TPI component that declined for the month—and they remain 3.2% lower than last year. 
• Prices for recreation, bars and restaurants increased in December and are the only TPI components that have grown faster than overall inflation on an annual basis.

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