Hoping to spot a cheap airline ticket for the summer? Good luck, new CPI shows
Airfare costs have taken off ahead of a summer travel season running on steep demand and high gas prices, according to new price inflation data released Wednesday.
The record-breaking cost increase for airline tickets stood out in a Consumer Price Index report that showed an overall 0.3% increase in the cost of living from March to April and an 8.3% rise year over year. Overall, the cost of airfares climbed 33.3% year-over-year, rivaling steep rates of increase last seen in 1980 and 1981.
“Rising jet fuel prices, surging demand, and lower overall capacity compared to 2019 are together driving the highest airfare for summer travel on record for at least the past 5+ years,” wrote Hayley Berg, lead economist at Hopper, a platform to shop for flights and hotels.
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