The inflation figures for May 2022 could have been worse for travelers eager to hit the road and the sky this summer, but it could also have been much better.

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The good news is that air fares in May were up “only” 12.6% from the previous month, according to the latest Consumer Price Index report from the US Bureau of Labor Statistics. , released on Friday. That might seem like a sizable gain — okay, it’s a sizable gain — but it’s still well below the 18.6% monthly increase reported in April.

That’s about the only bright spot in an otherwise gloomy inflation report for American travelers, who are facing rapidly rising prices for everything from airfare and Uber rides to airports. accommodation and rental cars.

On an annual basis, the airfare index rose 37.8% in May, the BLS reported. This was one of the highest annual increases of any category during the month.

The out-of-home accommodation index which includes hotels and motels rose 1% in May month-on-month, down from gains of 2% and 3.7% in April and in March, respectively. On an annual basis, hotel and motel prices increased by 22.2%.

The new vehicle index rose 12.6% on an annual basis, which could be a key indicator that rental car prices will also continue to rise. As The Washington Post reported earlier this year, car rental companies had to operate with lower inventory in 2022 after selling off large parts of their fleets at the onset of the COVID-19 pandemic. They now find themselves forced to rebuild these fleets in a car market with limited inventory and much higher purchase prices, which has resulted in higher prices for travelers.

Travelers also face much higher prices for refueling these cars. The gasoline index for May rose 4.1% month-over-month after a monthly decline of 6.1% in April. Year over year, gasoline prices rose 48.7%. Rising gas prices have been a key factor driving up fares for taxis and ride-sharing services provided by Uber, Lyft and other companies.

Don’t expect gas prices to drop anytime soon. The national gasoline average as of June 10 was $4.986 a gallon, according to AAA. This is a new record in a recent string of new records.

Despite all the headwinds of inflation, the travel industry has seen a surge in demand in recent months thanks to pent-up demand after two years of pandemic restrictions. Consumers are rushing to book flights in what some have called “revenge trips,” Bloomberg recently reported.

Demand for air travel “is off the charts,” Delta Air Lines CEO Ed Bastian told an industry conference last week, adding fares this summer could be 30% higher than pre-pandemic levels.

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“It comes with leisure, it comes with premium customers, it comes with business, it comes with international,” added Bastian. “No matter the category.”

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