According to the bureau’s Consumer Price Index for All Urban Consumers, airline rates reached 18 percent in April, continuing a months-long trend that has seen airfare prices jump 33.3 percent in the last year, the highest 12-month gain since 1980.
The April increase was the highest in a single month since the bureau began measuring it in 1963.
Excluding airfares, gasoline prices fell 6.1 percent in April after rising 18.3 percent in March. However, the price of gasoline as a vehicle fuel has increased 44 percent over the past year.
“Increases in the indexes for shelter, food, airline fares, and new vehicles were the largest contributors to the seasonally adjusted all items increase,” the bureau noted in a statement.
The increase has been so great that the cost of airline tickets has risen above pre-pandemic levels. Air travel is currently about 13% more expensive than before the pandemic.
Ticket costs may be at an all-time high, but that’s not keeping Americans away from airports. TSA checkpoint figures show that the number of daily airline passengers ranged between 2 million and 2.2 million during much of April, reflecting the peak around the Thanksgiving holiday.
Those who enjoy traveling by car are becoming aware of how expensive this activity has become. Higher fuel prices, staff shortages and the generally high demand for travel are all contributing to this increase.
Travelers can save money by being flexible when purchasing flights, making reservations early, and seeking out nearby airports. According to experts, there are cheaper flights at nearby but “less” popular airports.
When traveling by road, travelers should make sure their vehicle is in good condition and that they use the right type of gasoline for their vehicle to get the best mileage.
The overall level of travel activity is still lower than it was prior to the pandemic when the number of daily passengers reached a peak of 2.6 million during the vacation season.
Still, April data are only slightly lower than April 2019, suggesting that the industry has nearly recovered.
As jet fuel prices fall and summer vacation plans come to an end, price increases will surely decline. For now, however, Americans seem content to pay a high price for a vacation away from home.