According to the U.S. Bureau of Labor Statistics, prices for airline fares were 23.01% lower in 2020 versus 2016 (a $23.01 difference in value).
Between 2016 and 2020: Airfare experienced an average inflation rate of -6.33% per year. This rate of change indicates significant deflation. In other words, airfare costing $100 in the year 2016 would cost $76.99 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 1.90% during this same period, inflation for airfare was significantly lower.
In the year 2016: Pricing changed by -3.31%, which is significantly above the average yearly change for airfare during the 2016-2020 time period. Compared to inflation for all items in 2016 (1.26%), inflation for airfare was much lower.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Airline fares:
Below are calculations of equivalent buying power for Airfare, over time, for $100 beginning in 2016. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|