Prices rise 5.4 percent in June over last year, largest spike since 2008, as questions mount over whether inflation will be here to stay

Yet hotels and rent could end up telling different stories about inflation. Many hotels sat vacant for much of 2020, if they stayed open at all. Now, as more Americans become vaccinated and excitedly book long-awaited vacations, demand is surging, pushing the price of hotel rooms back up. Economists and policymakers expect that as the tourism industry reemerges from the pandemic, prices for hotels, along with airline tickets and rental cars, will normalize, too.