Airfare Prices Just Had the Biggest Single-Month Spike in 6 Decades
Here's how to travel cheap this summer, according to experts.
It's no secret that the travel industry is somewhat in shambles right now thanks to mass cancellations and spiking flight prices. Don't believe us? Airfare jumped a whopping 18% in the US alone in April, marking the largest uptick in a single month since 1963, the Bureau of Labor Statistics reports. Translation: Travel isn't getting cheaper anytime soon—unless you get strategic.
It wasn't just last month, either. According to the agency, fares were up 33.3% over the last year, which is the largest 12-month increase since 1980. While gas prices have actually dropped over 6% across the month—following an 18.3% spike in March—motor fuel has experienced a rather large increase over the past year. 44%, to be exact.
"Increases in the indexes for shelter, food, airline fares, and new vehicles were the largest contributors to the seasonally adjusted all items increase," the bureau wrote in the statement.
Fourth of July is expected to be the most popular summer holiday weekend all year with Memorial Day and Labor Day following shortly behind.
According to experts sourced by Travel + Leisure, travelers should remain flexible with their travel dates and destinations to accomplish cheap travel. Explore alternative airports and airlines for potentially less expensive fares and save on your overall experience. As for road trips, you'll want to ensure you've got a car in good shape that isn't guzzling overpriced gas.