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Inflation: Americans are spending more on restaurants, travel

Yahoo Finance Live's Brian Cheung breaks down the chart of the day.

Video Transcript

BRIAN CHEUNG: Well, it is 11:30, which is time for our Chart of the Day. And today, the question is, where are Americans spending the most in this inflationary environment? We were actually just talking about this with Anne Elizabeth. But this comes from Bank of America card spending. So make of this what you will, but this shows the year over year growth in different types of categories. And the biggest gain that we've seen in spending in terms of nominal levels is in, naturally, gas. But that's because the price of gas is rising.

So BOFA has actually nicely adjusted the spending for inflation. So you can actually see that on a kind of measurement or volume basis. It's actually lower than it was a year ago. So if you adjust for inflation, where are people spending more? Well, they're spending it on airlines, hotels, restaurants. Where are they spending it less? They're spending less on furniture, which we've actually heard anecdotes of, if you recall the conversation from Target and other retailers.

So right now, the story is actually all about services. It's all about getting outside. So, again, as you kind of get out there and you notice a lot of bottle-- bottlelog-- or bottlenecks and jams at the airport, this is probably a big reason for all of that.

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