When it comes to airfare pricing trends, there’s good news and there’s bad news.

According to the just-released August 2024 Consumer Price Index data from the Federal Reserve Bank of St. Louis, average airfare prices have ticked up 3.8 percent since July.

That’s the most substantial month-over-month increase in nearly two years. But according to the experts at Going, there’s a silver lining.

Even though prices are increasing, they continue to be cheaper overall compared to past years. For instance, compared to August 2023, flight prices are still down 1.3 percent, per Going.

And compared to June 2022 (which as you may recall was when airfare was at its peak in a post-pandemic world) current prices are 21 percent lower.

Looking even further back still, at February 2020 (the last ‘normal’ month prior to the pandemic), ticket prices today are 7.5 percent cheaper.

In other words, don’t panic about today’s news that prices have trended upward. Because consumers are still saving money.

As the experts at Going helpfully pointed out a “slight upward inch doesn't erase the overall downward trend” we’re seeing when it comes to the cost of a flight.

"Airfare in 2024 has largely moderated, meaning we are seeing rise and falls similar to what we saw pre-pandemic due to seasonality, demand, and other factors," Going spokesperson Katy Nastro told TravelPulse. "An uptick from the August report doesn't necessarily mean airfare is trending upward, especially since it's still cheaper than it was pre-pandemic."

Full story: What the Latest Consumer Price Index Means for the Travel Industry | TravelPulse