Americans Planning Summer Travel Face a New Hurdle: High Inflation
Americans itching to travel this summer after navigating Covid-19 for the past two years face a new disruption to plans: the rising cost of travel.Inflation rose to 8.5% in March compared with the same month a year earlier, according to the Labor Department’s consumer-price index—the highest rate in four decades. Gas prices are up about 50% from a year ago. Hotel costs jumped nearly 30%, and airline fares rose 24%, while vehicle-rental costs jumped nearly 14%. April figures set to be released on Wednesday aren’t expected…