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Hotels Defy Broader Pandemic Reopening Deflation (1/2)

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Many of the big pandemic reopening categories of CPI have come back to Earth in the past few months - October was no exception, with M/M deflation in airfares, used cars, and auto rental, with new car inflation flat.

  • The curiosity in October's readings is lodging away from home prices, which rose by 4.9% and despite making up 1% of the total basket, contributed 0.05pp to October CPI.
  • Within this, hotels/motels rose 5.6%, the most since July 2021, and that follows contractions in 3 of the prior 4 months.

Source: BLS, MNI

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Many of the big pandemic reopening categories of CPI have come back to Earth in the past few months - October was no exception, with M/M deflation in airfares, used cars, and auto rental, with new car inflation flat.

  • The curiosity in October's readings is lodging away from home prices, which rose by 4.9% and despite making up 1% of the total basket, contributed 0.05pp to October CPI.
  • Within this, hotels/motels rose 5.6%, the most since July 2021, and that follows contractions in 3 of the prior 4 months.

Source: BLS, MNI