There is finally some good news for travelers, as airfares saw a significant decrease for July, according to the Consumer Price Index (CPI) released by the Bureau of Labor Statistics (BLS) on Aug. 10.

                By                    Yaёl Bizouati-Kennedy

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While the all-items index for the 12 months ending July decreased to 8.5% — still a high figure — the index for airline fares fell sharply in July, decreasing 7.8%. This follows the much more modest 1.8% decrease in June. It’s important to note, however, that on a year-over-year basis, airline fares are up a whopping 27.7%.

Drop in Airline Ticket Fees Could Give American Travelers a Break

However, the decrease might provide some breathing room for American consumers who have been drastically cutting down their spending. As Bloomberg reported, U.S. airline bookings decreased 2.8% in June — compared with May, based on data collected by Adobe Analytics — while online spending on tickets fell 5.7%, to $7.9 billion, over the same period.

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In turn, it might be time to plan on fall or winter flying. Research from booking platform Hopper shows that domestic airfare could drop to $286 in August, down 25% compared to the airfare price peak in May of this year.

In addition, Hopper’s Late Summer Travel Index projects that average domestic airfare will remain at or below $300 through September, before beginning to rise in October and November. Airfare is projected to average $368 per ticket in December, with daily airfare peaking over $390 for last-minute holiday bookings.

Hopper Suggests Fuel Prices, Demand to Blame for High Airfare

Hopper adds that two major drivers of higher prices included soaring jet fuel prices and increased post-pandemic demand. This fall, demand seasonality and jet fuel prices are the primary drivers of airfare.

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“The bar was set high for a robust summer traveling season as many Americans were planning long awaited vacations. With a disappointing summer travel season so far and a lack of return of business travel, the airlines have not fared well at all,” Moya added.