Airfares increased nearly 6% in May, the steepest one-month increase in 15 years, according to a report released Tuesday by the
Flying was just one of the many goods and services that increased in cost, with overall consumer prices in May experiencing their biggest spike in 15 months, as the consumer price index rose 0.4%.
The dramatic increase in the cost of airline tickets from April to May was part of a trend that saw fares increase 4.7% between
With fuel costs on the rise against the backdrop of unrest in the
"With the turmoil in the
"The growth in air travel demand has generally been exceeding the growth in supply," she says, "and consumers' purchasing power is actually increasing with gains in household net worth and disposable personal income."
Hobica added that many fliers will likely adjust to rising fares rather than stay home.
"I think there's still a lot of pent-up demand, and passengers will continue to fly," he says. "Consumers are rethinking what a cheap fare is. We see this all the time when we reluctantly tweet a fare that used to be
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