After two years of pandemic-related travel restrictions, a wave of re-openings has spurred a surge in demand for plane travel. But consumers rushing to plan their summer vacations are facing ticket prices that are more expensive than ever, YahooFinance.com reported. Airline fares soared 18.6% in April, according to the Bureau of Labor Statistics' latest read on the Consumer Price Index (CPI) out Wednesday. The jump marks the largest increase since the inception of the series as a component of the public transportation index in December 1963 and further builds on March's 10.7% monthly rise in airfares. On an annual basis, airline fares logged a 33.3% increase from the same time last year, the largest 12-month rise since the period ending December 1980. Higher prices for air travel come amid a surge in fuel prices and pent-up demand for travel as COVID restrictions ease, also standing high amid broader inflationary pressures that have hit consumers at the grocery store, gas station, and housing market.
