Airfare price inflation, 2023→2024

Airfare Inflation Calculator

Prices for Airfare, 2023-2024 ($100)

According to the U.S. Bureau of Labor Statistics, prices for airline fares are 2.16% lower in 2024 versus 2023 (a $2.16 difference in value).

Between 2023 and 2024: Airfare experienced an average inflation rate of -2.16% per year. This rate of change indicates significant deflation. In other words, airfare costing $100 in the year 2023 would cost $97.84 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.89% during this same period, inflation for airfare was significantly lower.

In the year 2023: Pricing changed by -5.62%, which is significantly below the average yearly change for airfare during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for airfare was much lower.

Price Inflation for Airline fares since 1963

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 1980 (38.39%), 2022 (30.15%), and 1981 (25.87%).

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Buying power of $100.00 since 2023

Below are calculations of equivalent buying power for Airfare, over time, for $100 beginning in 2023. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2023	$100.00	-5.62%
2024	$97.84	-2.16%*

* 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:

Year	1963	1964	1965	1966	1967	1968	1969	1970	1971	1972	1973	1974	1975	1976	1977	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987	1988	1989	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
CPI	23.700	23.667	23.833	23.820	23.900	24.440	26.200	28.262	30.331	31.146	32.208	34.854	37.985	41.154	43.500	45.531	49.146	68.015	85.608	94.354	99.808	105.823	112.500	117.100	122.815	124.231	131.638	148.362	155.177	155.238	178.723	185.485	189.692	192.454	199.223	205.277	218.762	239.423	239.408	231.569	231.292	227.208	236.615	247.277	251.686	281.998	257.971	278.186	304.026	304.950	312.709	307.708	292.227	282.557	275.783	264.909	265.401	217.546	217.549	283.143	267.221	261.459

Adjust airfare prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2023 * 2023 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Airline fares was 267.221 in the year 2023 and 261.459 in 2024:

261.459 / 267.221 * $100 = $97.84

Therefore, according to U.S. Bureau of Labor Statistics, $100 in 2023 has the same "purchasing power" as $97.84 in 2024 (in the CPI category of Airline fares).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Airline fares in 1963. In addition to airfare, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.