Airfare Prices Are Trending Down
With a big surge in travel demand of the spring and summer months, we also saw a spike in airfare prices. But some relief is on the way for those looking to fly over the next few months.
Prices for air travel are trending down and are likely to continue to do so through the Fall.
Data from the Department of Labor show that airfare prices fell 7.8 percent in the month of July compared to June. That continued the trend from a month earlier, were we saw a 1.8 percent decrease from a peak in May.
“If you’re looking for a deal on airfare, now is the sweet spot,” Haley Berg, lead economist for the travel website Hopper, told CBS News.
Once the summer is over, prices always go down starting in September. But this year the price drop is bigger than usual. September and October flights are expected to cost an average of $238, which would be about 37 percent less expensive than May.
Gas prices are likely playing a small part as well. The price of gas has been going down for about two months now, after peaking in mid-June.
“Prices will probably drop a little bit between now and the middle of October,” Berg said. “You will want to book your holiday travel by that second week of October.” After that, we should see price increases once again as we get into the holiday period.
It’s also a good idea to book at least 20 days prior to departure to get cheaper fares.
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Fuel prices down and normal decrease in travel September -November. Prices always go down. This isn’t anything new. All normal seasonal trends. Who looks at airfare month over month ? YOY is the better factor to estimate airfare.