Domestic airline prices have risen 36% this year on the back of increased demand and rising fuel prices.
- The latest data shows that domestic airline prices have risen a whopping 36 percent this year on the back of increased demand and soaring fuel prices.
- Round-trip flights to the US currently cost around $300 on average, a 36 percent jump since the beginning of this year.
- Current U.S. round trip costs are about the same as in 2019.
- As fuel prices rise, ticket prices could get even higher in the coming months.
- In the fall, United’s CEO predicted that the higher cost of jet fuel would drive up ticket prices, even before Russia invaded Ukraine and blew the industry’s fuel prices.
The latest data shows gas station pain is turning into a pain at the gate for air passengers as domestic flight prices have risen a whopping 36 percent this year amid rising demand after nearly two years of COVID lockdown and soaring fuel prices.
Round-trip flights within the U.S. currently cost about $300 on average, up 36 percent since the start of the year and roughly in line with 2019 levels, travel company Hopper told Bloomberg on Friday.
And airline executives recently reported that demand for flights is almost back to pre-pandemic levels.
In years past, consumers have typically seen a three-month delay between rising fuel prices and ticket prices, but airlines are usually starting to change prices much faster in light of the latest wave of Omicron COVID-19, experts say. Bloomberg said.
Spring break passengers wait in the TSA security queue at Orlando International Airport.
Gasoline prices are displayed prior to Shell fueling as a commercial aircraft comes in to land at San Diego International Airport in San Diego, California on Friday, March 4, 2022.
“Every day I watch ticket prices like it’s the stock market,” frequent flyer Courtney Skinner told Bloomberg.
As fuel prices have risen, ticket prices could get even higher in the coming months.
“Rising jet fuel prices are becoming another major headache for the aviation industry as it recovers from the pandemic this year,” industry expert Linus Benjamin Bauer, founder and managing director of consulting firm Bauer Aviation Advisor, told Insider.
Increasing demand for air travel has also led to a surge in airfare, and airline hype has led to backing up plane seats, making early flight bookings again essential for travelers looking to fly on a budget, Adit Damodaran, Hopper economist, told the publication. .
“We recommend booking at least 3 weeks in advance to get the best deals,” he wrote.
“The last two years have been lulling people into thinking that they can get cheap flights at the last minute… In normal times, this is not the case,” added Scott Keyes, founder of Scott’s Cheap Flights.
In the fall, United’s CEO predicted that the higher cost of jet fuel would drive up ticket prices, even before Russia invaded Ukraine and undermined the industry’s fuel prices.
Delta President Glen William Howenstein said last week that the airline is confident it can easily offset fuel costs, especially as current flight demand is very strong.