Airfare Prices Are Expected to Drop After a Costly Summer

After a savage summer that saw domestic flights fall prey to jaw-dropping inflation increases, it looks like airfare for your next fall getaway won't be as painful. Travel booking service Hopper reports that flight prices are on their way down, with the most significant drops set to happen through September.

The drop is a welcome respite after a summer that saw prices climbing to a hair-raising 47 percent year-to-year increase due to a combination of "revenge travel" bookings, surging fuel costs, and the ongoing conflict in Ukraine. As peak travel season subsides and demand lowers, prices are primed to come back down to earth.

"Flight prices drop seasonally in late August through mid-October, as demand tapers off following the peak vacation months in May, June, and July," the Hopper report stated. "The drop this year is larger than usual as a result of the abnormally high summer prices and earlier peak in demand."

This summer's airfare prices have been prohibitively expensive for many, with average domestic flight prices clocking in at more than $400 in May. Beginning this month, Hopper predicts that prices are expected to decrease to an average of $286 round trip and to remain below $300 through at least September before holiday travel demand approaches in the fall.

Relief may also be on the way for supercharged gas prices.

The national average for a gallon of gas this week came in at $4.21. This is 14 cents less than the previous week and a 63-cent drop from a month ago, according to a report from AAA. Gas prices, however, are still hovering at $1 a gallon higher than last year.