Tommy: plane tickets are up 22% this year. Dougie: good, fewer people in my row. (It's mostly jet fuel.) Town hall: the rich are flying more, ban stocks! (One economist says wealthy Americans travel more on stock gains.) Abe: Mayor, is that why hotels cost more? Mayor Dithers: partly. Tommy learned something today: fuel did it, demand did the rest; inflation's 3.7% and consumer mood is the second-worst on record. Dougie: then I'll fly first class, in protest.
Inside September's 3.7% inflation, airline fares are up 22% in a year, mostly jet fuel, and hotels more than 4%, which one economist credits partly to wealthy Americans travelling more on stock-market gains, while consumer sentiment sank in September to its second-lowest reading on record.
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