People traveling for the holidays will be in for some sticker shock this season.
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The cost of everything from airfare to gas prices has gone up, CNN Business reported. Here’s what you can expect.
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U.S. airlines just had one of the most profitable quarters of all time, per CNN — at the literal expense of their passengers. American Airlines, United, Delta and Southwest, which support 80% of U.S. air travel, earned a combined $2.8 billion in the second quarter.
Gas prices are also skyrocketing. According to a recent report from Gas Buddy, the national average cost for gas is projected to be $3.68 per gallon on Thanksgiving Day, approximately 20 cents higher than it was on the holiday last year — and breaking a record set 10 years ago.
Travelers renting cars will also see steep increases in cost. Per The Wall Street Journal, several major car rental companies sold large portions of their fleets when demand was low during the pandemic; now, that translates to higher rates for consumers. The Bureau of Labor Statistics’ Consumer Price Index reported that car rental prices soared 48% from July 2019 to July 2022.
Additionally, hotel room costs are on the rise. Per the CPI, prices are up 6% year over year and 12% higher than in October 2019.
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So if you’re one of the millions of people traveling this holiday season, book early to save your wallet from as much damage as possible.