For rental car companies, the weeks leading up to Halloween are typically a quieter time. The summer driving season has faded and holiday rentals are weeks away.
This year was different, according to data released on Thursday by the Department of Labor (DOL).
The DOL’s Consumer Price Index for car and truck rentals showed prices jumped 7.4 percent in October, a month in which overall inflation was non-existent. The “all items” index did not rise at all in October and the core inflation gauge, which excludes volatile fuel and good categories, came in as unchanged also.
This was not the case of a sudden snap back after a pandemic lockdown crash. That happened earlier this year when the pandemic, travel restrictions, and stay-at-home orders aimed at stemming the spread of the virus crushed the car and truck rental business with a savage fury. Avis said reservations fell 60 percent after travel