Why Airfares Have Risen Five Times Faster Than The Overall Inflation Rate

Primbondh/ November 23, 2022/ airfare

Airfares rose 0.8% in September — twice as fast as the rate for all items — according to Consumer Price Index (CPI) data released Thursday by the Bureau of Labor Statistics.

On an annual basis, however, airfare inflation was up a massive 42.9%, the highest on record and more than five times higher than the overall inflation rate of 8.2%. Last month’s CPI report showed airfares rising 33% annually.

Airline ticket prices have climbed much faster than overall inflation during the pandemic recovery due to several factors. The industry ground to a virtual standstill in the earliest days of the pandemic and recovery was initially slow. Russia’s war in Ukraine has driven up fuel costs substantially and, in recent months, an extraordinarily strong rebound in travel demand has collided with massive challenges

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Book Thanksgiving And Holiday Flights Now, Before Airfares Soar

Primbondh/ November 21, 2022/ airfare

Nothing puts a damper on the holidays like overpaying for flights. But according to travel booking app Hopper, holiday airfare prices will be the most expensive in five years due to a combination of factors, including jet fuel prices, thinner flight schedules and traditional holiday travel demand.

The best strategy, according to Hopper’s data crunchers? Book right now — and no later than the week of October 10 for both Thanksgiving and holiday flights.

“Fares for Thanksgiving peaked at over $400 in August, but have fallen around 9% into September as they do each year and will remain at the current level until mid to late October,” according to Hayley Berg, Hopper’s chief economist.

“If you see a good deal you’re comfortable paying, we recommend booking ASAP as prices are expected to rise and flights

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