Why travelers expecting sticker shock could see sweet relief instead

Dining out is more expensive than ever. The cost of gas is rising again. And the price of travel — including airfare and hotels — has kept pace. Right?

Not exactly. Airfare costs declined by 13% between September 2022 and September 2023, according to September 2023 Consumer Price Index data from the Bureau of Labor Statistics.

Far from being an inflationary force, travel prices have actually helped cool overall prices this year. Yet this seems to fly in the face of many travelers’ expectations.

“I keep hearing the narrative that it’s so expensive to travel,” says Hayley Berg, lead economist at Hopper, a travel booking platform. “In reality we’re seeing lower prices, for domestic trips especially.”