In the event you’ve observed an alarming enhance in ticket costs within the leisure business since final 12 months, you are not alone.
The truth is, a brand new report from the US Bureau of Labor Statistics proves simply that, as new client worth index knowledge emerges for October 2023.
Based on the CPI, ticket costs for sporting occasions have risen by a whopping 25.1% in comparison with the identical time a 12 months in the past, making it the class with the very best price of inflation.
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Economists name the rise in entertainment-related bills (similar to tickets to concert events and sporting occasions, airline tickets, trip leases, and resort rooms) “leisure.” Costs have risen from pre- and mid-pandemic costs when many individuals had been unable or reluctant to take part in such actions.
The October 2023 Client Worth Index additionally confirmed a 14.9% enhance in meals costs from merchandising machines and cell distributors (which would come with restaurant selections at leisure venues and transportation) and motor insurance coverage up 19.2%, with a rise motorized vehicle repairs by 15.1% — indicating People are spending extra time on the street.
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Tickets to concert events, motion pictures and theater elevated by 4.5% in comparison with the identical time final 12 months, whereas whole admission to leisure occasions elevated by 10.9% in comparison with the earlier 12 months.
Inflation as a complete has fallen in October to three.24% from 3.7% within the earlier month and an unimaginable 7.7% in the identical interval final 12 months.