LAS VEGAS (KLAS) — Summer vacation may put the freeze on your wallet. Some of the biggest spikes in prices are affecting the travel sector, putting many Americans on the hunt for better rates for a getaway.
From gas stations here in Nevada to Florida hotels, the cost of moving around the country is up, including jumps in prices for airfare and car rentals.
New inflation numbers show when compared to 2020, gas prices and the cost of used cars or trucks are each up more than 45% — a record jump for second-hand vehicles.
When it comes to air travel, that’s up more than 24%, and the cost of a hotel room is up almost 17%.
Adam Sacks, president of Tourism Economics, says to expect prices to keep inching higher for two reasons:
“Partly because we’re not fully back to where we were pre-pandemic, both on airfares and hotel prices, but also because wages are rising in the industry because it’s been difficult to bring employees back.”
United Airlines CEO Scott Kirby says the financial strain of the pandemic is taking its toll on business travel, which is still down 60% from pre-pandemic levels.
Frustrated travelers may have to get used to our new normal.