Airfares Witnessed Massive Jump In September 2022

According to Consumer Price Index data issued Oct. 12 by the Bureau of Labor Statistics, airfares were up 42.1% in September compared to the same month in 2021, the biggest year-over-year increase this year. Before September, the highest year-over-year increase was 37.8% in May. The rise occurred while travel demand remained strong. It was also influenced by the fact that significantly more business travelers flew in September than previous.

Fares were steady month over month in September, rising by a small amount, a 1% increase from August. The rise was slightly bigger at 8% when seasonality is taken into consideration, which accounts for the fact that plane tickets are often somewhat more costly in August than in September. Following strong hikes in the spring, September marked the end of a three-month streak of seasonally adjusted airfare drops.