Every summer I take a couple of vacations with my family—a short one to the Wisconsin Dells with my brothers-in-law and their families, and a longer one to a random destination with my college buddies and their families.
These are some of my favorite times of the year. There’s boating and water parks. Campfires and storytelling and grilling under a hot sun. And lots of laughs and ice cold frothy beverages.
But this year I’m a little less excited at the thought of vacation than usual—and not because I don’t need a break. A glimpse at the data shows summer vacations are suddenly looking a lot more expensive.
It’s no secret that prices are rising. As economist Peter Jacobsen recently observed, the average price level of consumer goods rose 4.2 percent in April from the previous year—the highest rate increase since 2008.
“Everything you can think of is going up,” William Lee, chief economist at the Milken Institute, recently told NPR.
Eurozone Inflation Reached 2% in May
Eurozone inflation rose to 2% in May, driven higher by rising oil prices as other inflationary pressures appeared to remain subdued.
The modest price rise in Europe compares with a much stronger jump in the US that has led to discussion about the inflationary impact of stimulus and relief policies from government spending and central banks.