If you're in the market for a cheap flight in the next few months, you're in luck. Airfare prices have been steadily declining throughout the year and the most recent federal inflation report, released last month, shows the average price fell another 5% from May into June.
The Consumer Price Index also shows fares down 5% compared to June of 2023.
Australia-based travel industry executive James Kavanagh attributes the price drop to a partial rebalance of power since the aftermath of the COVID-19 pandemic, when increased demand spurred by the lifting of travel restrictions met a shortage of available flights. But, he says, it's finally changing in favor of the consumer.
More flights are available, especially to Asia and Europe, and higher inflation has made travelers more cost-conscious, Kavanagh said. The trend will likely continue as airlines struggle to fill seats and offer all kinds of deals.
"It's not just a blip, it's a global trend," Kavanagh said, "Airlines certainly don't have all the power at the moment."
However, other travel experts caution that it depends on where you want to go, noting that travel to some regions and destinations is actually more expensive in 2024 than 2023.
For example, flights to Tokyo are up 2% compared to last year, while fares to major South American cities like Rio de Janeiro (16%), Lima (34%), and Santiago (13%) have gone up by double-digit percentages.
Some carriers are seeking to recoup lower airfare prices by raising costs for checked bags or other amenities such as premium seats. The best way to find a deal, experts say, is to be flexible with travel plans and don't wait until the last minute to book your flights.
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