June average U.S. airfares declined 18.9 percent year over year to $262.36, continuing a recent downward trend, according to the latest U.S. Consumer Price Index.
After steeply declining to a pandemic low of $193.03 in June 2020, U.S. airfares began to recover about a year later as consumers returned to travel. The average price spiked from $202.45 in October 2021 to $329.85 at its peak in May 2022.
Since then, monthly prices have steadily declined, except for a slight increase in September 2022 and a bit of a resurgence between January and March 2023. The month-over-month decline in June 2023 was 8.1 percent.
Airline executives recently have said that consumer demand for air travel remains high, with leisure travel strong but corporate travel continuing to lag. Capacity still is not yet back to pre-pandemic levels.
