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 airfare and hotels are ridiculously expensive, you’re not wrong: Both categories hit all-time highs in May.

That’s according to the latest set of Consumer Price Index data released in June 2022, which measures prices of items like travel, groceries and cars. Prices usually change every month, but some prices change more than others.

And even within the realm of travel, some expenses might go up while others go down. To help you better understand how travel prices have changed, NerdWallet analyzed the Consumer Price Index data released by the U.S. Department of Labor across five categories:

• Car rentals.

• Food away from home.

• Movies, theaters and concerts.

NerdWallet then compared those costs to prices one month ago and one year ago. Given how significantly COVID-19 altered the state of travel, our data also compares today’s prices to the cost of those same items pre-pandemic. For example, we compared May 2022 to May 2019 as the last full pre-pandemic month of May.

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

Airfare prices took a nosedive during spring 2020 and generally stayed low. But they’ve been creeping up every month since December 2021 — and last month that creep became a leap. May 2022 airfares were up 16% versus the previous month, and up an even heftier 22% versus May 2019.

No matter how you slice it, airfare prices are up. And for the first time since the beginning of the pandemic, airfares also hit all-time record highs, beating out the former record back in June 2014.

Especially notable is May’s 22% increase versus the same month in 2019, suggesting that travelers are back in fuller force than ever — perhaps to make up for travel they missed during the pandemic.

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 reach new highs, setting new records throughout the pandemic (particularly in summer 2021).

Then April 2022 came along and outpaced the previous high. That was, until May stole April’s thunder, bringing prices up about 3% from the previous month (and up 22% year-over-year).

We’ll start with the good news: May rental car prices were down slightly from the previous month (and also down versus May 2021).

But now for the bad news: Rental car prices are still massively high compared to pre-pandemic times. Renting a car this spring will cost you roughly 69% more than renting in May 2019.

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. Prices have since slightly recovered — and continue to trend down this month versus last — but they’re still far above what they were before COVID-19.

Food prices consistently rise every year, including during the COVID-19 era. In May 2022, the cost of food away from home was up about 7% versus May 2021.

Like restaurant prices, entertainment prices saw 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.

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. Paying for travel with points and miles instead of cash can save you some real money, especially if you’ve accrued a large stash of them these last two years.

Even though prices constantly feel like they’re getting higher, you can still save on travel with a little planning.

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: