According to the U.S. Bureau of Labor Statistics, prices for airline fares are 2.48% lower in 2023 versus 2016 (a $2.48 difference in value).
Between 2016 and 2023: Airfare experienced an average inflation rate of -0.36% per year. In other words, airfare costing $100 in the year 2016 would cost $97.52 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.40% during this same period, inflation for airfare was significantly lower.
In the year 2016: Pricing changed by -3.31%, which is below the average yearly change for airfare during the 2016-2023 time period. Compared to inflation for all items in 2016 (1.26%), inflation for airfare was much lower.
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|
* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Airline fares: