Airline analysts say summer fares are rising with elevated jet fuel costs and advise booking now; average domestic round-trip prices are up 18% year over year.
Airfares for summer travel are rising as airlines contend with elevated fuel costs, and industry experts say travelers who haven’t booked should do so soon. “If you haven’t booked for this summer, get busy,” Henry Harteveldt, an airline analyst at Atmosphere Research Group, told CBS News. “Don’t wait, hoping that the fares are going to go down. They’re not.”
CBS News reports that ticket prices have climbed alongside higher oil and jet fuel costs stemming from the Iran war, with carriers passing some of those expenses to customers. Jet fuel, which accounts for roughly 25% to 30% of airlines’ costs, was up by more than $2 a gallon earlier this month and remains elevated. Operational costs are sharply higher than before the U.S. and Israel attacked Iran on February 28.
Price data point to a more expensive summer. As of April 13, the average domestic round-trip flight cost $358, up 18%—about $55—from the same period last year, according to Kayak. International trips have also gotten pricier: the average round-trip economy fare from the U.S. rose by $115 over the past year to $1,064, Kayak’s data show.
Government figures indicate overall airfares were nearly 15% higher in March than a year earlier. United Airlines CEO Scott Kirby told CBS News last month that the carrier has increased its fares by 15% to 20%.
Airlines are also looking beyond base fares to offset fuel costs. Alaska, American, Delta, JetBlue, Southwest and United have raised bag fees, while some carriers have trimmed less profitable routes. Kirby said United plans to reduce its summer flight volume by 5% because of higher oil prices.
For travelers still shopping, Harteveldt said leaving later in the summer can help, when demand typically cools and fuel price uncertainty may ease. Julian Kheel, CEO of flight awards search engine Points Path, advised monitoring fares even after purchase to rebook at a lower price or take a credit—an option most airlines offer on non–basic economy tickets. “If you lock something in now, you can set price alerts on tools like Google Flights, Hopper, and Points Path, and let these tracking tools do the work of finding a better price later,” he told CBS News.
What to watch: whether jet fuel prices stabilize heading into peak travel months—and whether carriers keep tightening capacity and fees if costs stay high.
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