With jet fuel prices near a record, holiday airfares soar higher
Holiday airfares are reaching 10-year highs due to record-breaking jet fuel costs. Despite the price hikes, travel demand remains high as consumers prioritize holiday traditions.
Why it matters
Rising travel costs reflect broader inflationary pressures in the energy and transportation sectors affecting consumer spending.
BALTIMORE — Herb and Latasha Williams flew from Dallas to Baltimore/Washington International Airport this week for a quick vacation to celebrate his birthday.
But their plane tickets cost hundreds of dollars more than they expected. And Latasha Williams is now wondering if they can afford to travel for the holidays.
"I kind of wanted to go somewhere warm. Florida, I'm thinking," she said.
"Maybe next year. Maybe," she said with a laugh. "Fingers crossed."
Those planning to fly this holiday season, should be prepared to pay more than they did last year. Experts expect airfares for this holiday travel season will be the highest in years as airlines scramble to cover the rising cost of jet fuel, which is one of their biggest expenses.
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