The cost of traveling to get where you are going is through the roof!
According to a really informative and well written and researched article in NerdWallet by Sally French and Sam Kemmis, while overall prices rose by 0.4 percent over the past month, prices within the travel industry were more mixed. Hotel prices decreased slightly by a half a percent month-over-month, but airfares rose a hefty 3.5% in that same period.
And in line with the broader inflation trend, almost all travel prices are still largely still higher than what they were this time last year — and even higher than what they were pre-pandemic. Airfares are up 43% compared to this time last year. Rental cars, which are still down from their record highs set in 2021, are up 47% from their pre-pandemic prices when comparing this month’s average prices with the same month in 2019.
These are yet additional examples of prices that do not need to be as high as they are. There are ways to mitigate these costs, but you should have been considering that in February and March. And you should have been engaging SafeSourcing Inc.
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- Sally French and Sam Kemmis, NerdWallet