The January 2025 Travel Price Index shows that inflation for travel-related goods continued to remain lower than overall U.S. inflation on an annual basis. However, for the fourth consecutive month, the TPI increased at a faster rate than overall prices on a seasonally adjusted monthly basis. In January, gas prices continued to be the fastest-growing component of the TPI, rising by 1.8% for the month, though they were still 0.4% lower than the same period last year. Despite concerns about inflation, surveys of travelers show that demand for travel remains at high levels.