In 2014 domestic airlines increased fares by an average of $10 – or about 3% – when in fact the cost of jet fuel was down 32% in the past 12 months.
Instead of passing these savings onto consumers, the ticket prices seemed to rise.
However, International Air Transport Association has suggested when summer 2015 rolls around the average airfare ticket could fall by up to 5%. Travelers can thank lower oil prices and more seats on planes for the decrease in cost.
When the Consumer Price Index for July was released it showed that the index for airline fares fell a striking 5.6% from June to July – the biggest month period decrease since December 1995.