New data shows that inflation may reduce the cost of travel.

A new report from MasterCard Inc. suggests that “runaway inflation” is affecting the spending habits of low-income customers, including travel purchases.

Reuters.com reports that while cardholders are shifting their priorities for big-ticket items to essentials and groceries, travel remains a top priority and helped the credit card company complete a strong quarter.

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MasterCard reported its strongest summer travel season since the start of the pandemic, thanks to increased demand and the easing of coronavirus-related restrictions. Cross-border volumes also jumped 58 percent in local currency in the second quarter, while dollar volumes across the company’s network increased 14 percent to $2.1 trillion.

“What you’re seeing in the U.S. is a declining trend in terms of growth rates in terms of lower income,” Sachin Mehra, MasterCard’s chief financial officer, said on his quarterly conference call with investors.

While spending by high-net-worth consumers and increased cross-border volumes will continue to strengthen costs for now, the company is looking at the possibility of a slowdown after the second quarter, indicating that travel spending may ease.

Credit card company Visa Inc told Reuters the company has yet to see signs of a rebound in spending from cardholders.

In June, location-based insights provider PleciQ released new data showing that Americans are seeing a two-year decline in travel and a drop in visits to retail and dining establishments.

However, US consumer spending is lower in these categories than last year. The data suggests that current inflation is to blame for trends in consumer behavior, not epidemic-related measures such as social distancing or stay-at-home advice.

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