A number of Americans across the country are seeing a rise in the cost of airline tickets. Many wonder why.
Americans are seeing an increase in the cost of airline tickets, and they are seeing more flights cancelled than ever.
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Why is it so expensive to fly right now?
Airlines continue to fluctuate and are among those companies that are still struggling with their pre-Covid-19 pandemic performance.
Airline companies are facing rising fuel costs and labor shortages in addition to an increase of demand.
“The demand is off the charts,” Delta Air Lines Inc. CEO Ed Bastian said of the increases, via Bloomberg.
“It’s coming with leisure, it’s coming with premium customers, it’s coming with business, it’s coming with international. It doesn’t matter what the category is.”
Russia’s invasion of Ukraine prompted a significant increase in the price of crude oil, causing gas prices to rise well over $4 per gallon nationally.
The However, International Air Transport AssociationAccording to the IATA, in August 2022, jet fuel prices were on a downwardstrend.
According to IATA the price of jetfuel soared by 128 per cent in June. This was more than twice what it cost in the same period in 2021.
IATA reported that the cost of jetfuel rose by more 70 percent during the first six months in 2022. This is the highest increase since 2002.
The cost of jet fuel typically accounts for 20 percent to 25% of an airline’s costs. Bloomberg reported that in June 2022, it had risen up to 38% for some airlines and up to 50% for some budget airlines.
Since June, the price of jet fuel dropped 50 percent from $98 per barrel to $30 per barrel.
According to IATA, jet fuel costs are expected to continue falling until at least 2023.
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Is it possible for plane tickets to become less expensive in the near future?
Travel experts predict that plane ticket prices will drop as fall approaches.
“Airfares really did shoot up in the spring. [They] went up 12 percent in March, 19 percent in April, another 12 percent in May, it wasn’t just your imagination,”Scott Keyes is the founder of Scott’s Cheap Flights. ABC News.
“But the good news: In the last inflation report, airfare actually fell 2 percent, and I think it’s going to fall even further in the next one.”
Forbes reported that domestic flight prices for fall 2022 were down by 19 percent according to Kayak. They are now $359 per trip on average, down from $444 in summer.
Kayak also revealed that international flights have fallen by 21 percent with an average round trip ticket costing $856 starting at $1,078.
The lull between Thanksgiving and Labor Day is when flight tickets will be less expensive.
Experts suggest that you purchase your flight tickets sooner rather than later if possible to secure a cheaper flight.
Scott Keyes, Scott’s Cheap Flights founder, said ABC News: “If the last couple of weeks are left before your trip begins, there’s a good chance that you will be stuck with very expensive flights.
He also added: “But if you book a month in advance, two months in advance, ideally even three months in advance, [you’re] much more likely to see one of those great deals.”
Which days are the most affordable to fly?
Americans with flexible schedules, such as Americans with flexible work hours, are now seeking to alter their flight plans in order to fly cheaper plane tickets.
According to ExperianThe most affordable days to fly are Tuesdays and Wednesdays. Saturdays are the least expensive.
The company noted that Sundays and Fridays are the most expensive days.
Travelers could save money by flying early morning or late night, which are generally cheaper than midday flights.