Travel price-jump: Experts predict airfare hikes into summer due to fuel costs
Jet fuel prices are already up over 57% from last year, and expectations are that those prices could go up even more
Experts predict airfare price hikes into summer due to higher fuel cost
Be prepared to shell out more for a plane ticket this spring and beyond. The rising price of jet fuel and resurgence in air travel led to a spike in airfares by a third. FOX Business correspondent Madison Alworth explains the details behind this travel price jump.
Airline prices are expected to go up as the demand for travel shoots up at the same time that jet fuel prices are also increasing.
Jet fuel prices are already up over 57% from last year. And with the current crisis in Ukraine and crude oil trading at over $100 a barrel, there are expectations that those prices could go up even more.
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According to the International Air Transport Association, with the current levels of crude oil, fuel could represent as much as half of the operating costs for some airlines, so expect prices to continue to go up.
But even with that, it has not slowed down the demand for travel. Transportation Security Administration check-point numbers are up 96% from last year.
With the pent-up demand from an ongoing COVID-19 pandemic, people are ready to get out and hit the skies, and spring break travel is seeing a big bump.
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Over 56% of Americans are planning to take a trip this year. That's up 29% from last year, according to Vacasa, an international vacation rental management company based in Portland, Oregon. But experts say it is going to cost them.
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Hopper estimates that prices will steadily increase by 7% each month until June, making domestic trips much more expensive.
"Prices will peak at about $340 in June. They're about $290 roundtrip right now," economist Haley Berg said.
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Despite all of these factors making the cost of travel higher, demand is still expected to remain high.
So if you are planning on travel, make sure you book far in advance those last-minute trips, especially around spring break. Hopper said those are going to cost you the most.