A recent report from the U.S. Bureau of Economic Analysis revealed a record trade deficit between the United States and Europe as droves of American travelers opt to spend their vacations in locations where their dollars will go further. This widening trade gap comes at a time when the year-over-year inflation rate sits stubbornly at 3 percent, as of June. While that figure is lower than the highs it soared to during the COVID-19 pandemic, it’s still above the target inflation rate of 2 percent. Inflation rates also differ significantly across the U.S. with many cities nationwide continuing to experience Consumer Price Index (CPI) hikes. A study from WalletHub has identified Dallas, Texas, for instance, as the city with the biggest inflation struggles at the moment. The CPI in that city is up 5 percent compared to last year. Honolulu is experiencing similar challenges, with the year-over-year price index up 5.2 percent as of June. With common travel expenses also being impacted by inflationary pressures, a growing number of American travelers are using alternative methods to cover travel costs rather than forgo vacations altogether, according to a separate report from WalletHub. For instance, nearly 3 in 5 people said inflation has forced them to rely upon credit card travel benefits more often to cover travel expenses, per the WalletHub survey.
To read advice from Alonso Marley, a travel advisor with Skyluxtravel, click here
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