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While inflation has regularly made headlines lately, with many pointing to the roughly 8% figure from the Consumer Price Index, there are still several consumer spending categories surpassing it, including the price of airline tickets. In the last year, the consumer price index for airline tickets has shot up by 25% — the largest jump since the Federal Reserve of St. Louis began tracking the index in 1989. In April alone, airfares spiked 18.6%, according to the Bureau of Labor Statistics.
Regardless of soaring prices, Americans aren’t hesitating to break out their credit cards and book a trip. A recent Bank of America Institute survey showed spending at airlines and travel agencies is up a whopping 60% year-over-year. At the same time, as Americans continue to grapple with 40-year high inflation rates and resource-strapped airlines work to get more planes in the air, traveling on a budget seems to be nearly impossible.
Below, Select details the current state of airline prices and what consumers can do to find deals for their upcoming summer travels.
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Flight prices are leaving travelers frustrated
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