There are conflicting signs on just how far people are scaling back their summer fun because of high inflation.
This summer, Sergio Rosario Diaz is doing up his vacation plans — at least as much as possible when hot inflation rates rival the temperature.
“We decided to go big and we’ll do something she’s going to love,” Rosario Diaz, a 34-year-old social media marketer moving to Charlottesville, Va., said of his daughter. It’s going to cost Rosario Diaz and his wife at least $4,000. Then there’s the cost of gas to get anywhere. On Friday, the national average cost fell a penny to $4.59/gallon from the new record of $4.60/gallon set a day earlier.
Why? “Because you only live once, man,” Medina said. “I think it’s time to really embrace what we have. When I say embrace what we have, the country we live in, there’s so many beautiful places in the U.S.” Some data suggest people are plowing ahead with their plans, no matter inflation’s temperature. Four in 10 people said they’re ready to spend more money this summer after the pandemic confined their plans, according to a CreditKarma survey.
On Friday, the Federal Reserve’s preferred inflation metric showed a 6.3% rise in April, year over year. That’s actually a drop from the 6.6% year-over-year rate in March. Day camps can cost up to $200 daily and it can be up to $500 a day at sleep-away camp, said Tom Rosenberg, president and CEO of the American Camp Association, a professional association that includes 2,500 accredited camps.
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