After a big spike in 2022, airfares are expected to fall again and return to normal, according to a new report. Prices tend to jump in the early summer months.
“The domestic air fare this fall will drop to $286 in August, down -25% from the peak price in May this year. Airfare will remain at or below $300 through September before starting to rise in October and November,” flight-booking company Hopper said in a report Monday.
Prices rose throughout the year due to a number of factors including jet fuel prices, flight demand, capacity, disruptions and the easing of COVID-19 restrictions.
If the forecast is correct, air fares could level off from where they were at the beginning of the year. The Bureau of Labor Statistics reported that the consumer price index for airline tickets rose 25% overall in 2022, with an 18.6% increase in June alone.
To offset high airfares, Hayley Berg, Hopper’s lead economist and author of the report, recommends buying airline tickets within the next few weeks to get the best fares.
“For travelers who are thinking about taking a trip, I would say that it is a very good time to make that trip decision. Tariffs will be as low over the next few weeks as they were until January,” Berg told USA TODAY on Monday.
In June, the increase in travel made flight delays so common that Sen. Bernie Sanders, I-Vt. urged Transport Secretary Pete Buttigieg to take direct action to fix the problem.
Sanders said at the time it was “unacceptable that airline ticket prices have skyrocketed by 38% over the past year while flight delays have increased by 50%.”
https://www.ibtimes.com.au/airfare-prices-expected-drop-following-summer-peak-time-1836936?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Airfares are expected to drop after the peak summer season