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When you’ve seen an alarming uptick in ticket costs within the leisure trade since final yr, you are not alone.
In truth, a brand new report from the U.S. Bureau of Labor Statistics proves simply that, as new Client Value Index knowledge rolls in for October 2023.
In accordance with the CPI, admission costs for sporting occasions elevated an astounding 25.1% from the identical time one yr in the past, making it the class with the best inflation fee.
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Economists have dubbed the uptick in entertainment-related prices (like live performance and sporting occasion tickets, airline tickets, trip leases and lodge rooms) “funflation.” Costs are up in comparison with pre- and mid-pandemic costs when many individuals had been unable or hesitant to take part in such actions.
October 2023’s CPI additionally confirmed a 14.9% enhance in costs of meals from merchandising machines and cellular distributors (which would come with eating selections made at leisure venues and transportation places) and motorized vehicle insurance coverage growing 19.2%, with motorized vehicle restore growing 15.1% — indicating Individuals are spending extra time on the roads.
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Admissions to live shows, motion pictures and theatres elevated 4.5% from the identical time final yr, whereas general admission to leisure occasions was up 10.9% yr over yr.
Inflation as a complete was down in October to three.24% from 3.7% the month prior and a jarring 7.7% on the identical time interval final yr.
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