Impact of inflation on travel and tourism industries across the world
The travel price index (TPI) published by the U.S. Travel Association gives an overview of the monthly price changes across different travel and tourism industries in the United States. According to the December 2023 TPI, food and drink services were among the main drivers of inflation for the U.S. travel and tourism sector that month, with the price index rising by 5.2 percent over the previous year. Meanwhile, the inflation rate of restaurants and cafés in European Union member countries grew by 5.9 percent in December 2023 compared to 2022.When looking at the accommodation market, even though the inflation rate of hotels and similar services in the EU has experienced a decreasing trend since June 2022, it remained significantly high compared to pre-pandemic figures, recording a 12-month growth of 6.8 percent in December 2023. That month, the consumer price index of catering services in the United Kingdom also reported a substantial year-over-year increment (7.3 percent), representing, together with package holidays, one of the highest inflation rates of travel and tourism services in the UK.
