Relief is on the horizon for those looking to travel soon as airline fares begin to fall, following a drop in inflation.
Average airfare fell 8.1% in June from May and fell 18.9% when compared to July of 2022, according to the Department of Labor in its monthly Consumer Price Index report.
But travel demand has not slowed by any means as record-breaking numbers have been reported so far in 2023 while flyers continue to “revenge travel” to make up for their inability to adventure during the COVID pandemic.
Flight fares have been soaring since 2021 as Americans eagerly returned to exploring, but staffing shortages, materials cost increases, and problems with fuel supply due to the Russian and Ukraine war shot up prices.
Flight ticket prices climbed nearly 43% in 2022, but overall inflation only increased 3% this June and appears to be steadily declining, hopefully indicating a major slowdown and overall economic trend to wash over all American costs soon.
All images stock photos from Pexels
