Food prices were 2.2% higher in March of this year than they were the same time last year. But food isn’t the only thing that’s gone up in cost. Travel has also become increasingly expensive. While travel might have stalled during the pandemic, it’s picked back up since then. Now airfare costs are higher than ever before. The cumulative price change due to inflation from 2019 to 2024 was 22.17%, but airline ticket prices significantly outpaced inflation during that time. In 2022, they rose by an average of 30.2%. Taking only the average airfare inflation rate for 2022, this means a $300 airplane ticket would cost roughly $390. Although prices have started to level off, the cost of airfare has put many would-be travelers off from purchasing tickets. Here are some reasons the cost of airfare has increased so much — and what you can do about it.
To read what Peter Vazan, a travel industry insider and the Executive Vice President of Industry Relations at Trevolution Group, said, click here
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