Airfares dropped marginally in June, according to Consumer Price Index (CPI) data released Wednesday by the Bureau of Labor Statistics.
The drop of 0.2% won't offer much relief to consumers who saw rapid fare increases through the first five months of the year. Airfares for the month remained 34% higher than they were in June 2021.
Still, the June statistics reverse a trend. Seasonally adjusted CPI data, which accounts for the usual seasonal change in the price of airline tickets, showed that airfares went up 18.6% between March and April and then increased another 12.6% between April and May.
Accounting for normal seasonal variations, airfare dropped by 1.8% between May and June.