When it comes to travel-related updates, it seems like it’s all been bad news recently.
Flights have been getting canceled, airlines are mishandling more bags this year than last year, and travelers are getting bumped from their flights. Add that to the increasing cost to travel and it all starts to look a little dismal. There may be a light at the end of the tunnel, however, as we slowly start to see prices stabilize. Experts are starting to see travel prices decrease, which could indicate that relief is on the way.
Travel-related expenses like rental cars, gas, hotel rooms, and airfare all saw price decreases in July, according to CNBC. As of August 29th, AAA is reporting that the national average price for gas is $3.85, down from the national average one month ago, which was $4.25. Car rentals have seen a decrease in price of 9.5%, while airfare has decreased by 7.8%, and one night in a hotel has decreased in price by 3.2%.
One of the contributing factors to the decrease in gas prices is that we’ve started to see the price of oil come down, which could also be a reason that airfare prices are decreasing as well. If oil prices are lower, then airlines operating costs are lower, as well.
Experts warn that despite the declining prices we saw last month, there isn’t enough data to see a trend yet. We’ve only seen this decrease for a month, so more data would be needed in order to determine if these prices will be sticking around. It’s also worth noting that summer is one of the busiest travel times of the year, so the decrease in travel expenses could just be because there is less demand as fewer people are traveling now that summer is coming to an end.
Another factor is that prices aren’t decreasing across the board. Some costs are remaining high, while the prices for other goods and services are continuing to increase. For example, coffee prices saw an increase recently, and housing prices are remaining high, as well.
Unfortunately, the only thing we can do for now is wait to see what happens with prices as we head into the fall months. Travel-related expenses are expected to see an increase again this holiday season, so while we’re seeing a dip in airfare now, it will likely increase again come the winter months.
In the meantime, if you’ll be traveling to Disney World soon, make sure to take a look at what you need to know about renting a car in Orlando in 2022. We also have tons of tips for flying through Orlando International Airport, as well. As always, make sure to stay tuned to DFB for the latest travel news and information!
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