(NovaPoint) The national average for retail gasoline prices is 58% higher year-over-year. This does not seem to be dampening consumers desire to travel this Summer. With the Independence Day holiday weekend on the way, the American Automobile Association (AAA) predicts 47.9 million people will travel 50 miles or more from home over the holiday weekend (June 30th to July 4th). This is an increase of 3.7% over 2021, bringing travel volumes almost to the levels seen in 2019. A coincident indicator is the TSA checkpoint data which showed 2.4 million people passed through TSA checkpoints last Friday, the highest level since prior to the onset of the COVID-19 pandemic.
In addition to gasoline, prices are higher across almost all travel input categories. The average lowest airfare is +14% year-over-year to $201 per ticket. Hotel rates are +23% year-over-year with the average lowest nightly rates coming in at $244 per night. One relative bright spot is car rental rates which have decreased 34% year-over-year with the average rate coming in at $110 per day, although this level is still $40 per day more than prior the pandemic.
For those staying home to cookout, the Farm Bureau estimates the average cost of a BBQ for four people is $76.94. This is 12.9% higher than in 2021. Most BBQ-centric categories are significantly higher year-over-year to include ground beef +16.8%, hot dogs +37.4%, chicken breasts +27.9%, and ice cream +14.1%.
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