money Here is a red-hot tip on how to save big money on airfare
If you are willing to be flexible, a decent deal on an airline ticket could be had for this spring and summer.
"I know everyone is on the deal hunt. So I would suggest looking at your Tuesdays and Saturdays. If you can be flexible, there are opportunities to travel for cheap," said MKM Partners airline analyst Conor Cunningham on Yahoo Finance Live.
Higher prices for airfare are currently the norm, however.
Domestic airlines are seen increasing fares by 7% on average each month until June, according to the latest Consumer Airline Index Report from Hopper. Round-trip airfare is seen reaching a peak of $315 on average, the report says.
The ticket price inflation reflects several factors.
First, jet fuel prices have gone through the roof as the West has slapped energy-rich Russia with sanctions for its war on Ukraine. Meantime, airlines are seeing a crush of demand as the world recovers from the pandemic.
In turn that has pushed up costs for airlines from everything to labor overtime to the aforementioned fuel.
"Ticket prices are strong now. Probably not really related to oil — demand is so strong, we have full planes. I think our fares are as good as they have been for us. We are talking about prices 4% or 5% higher than they were in 2019," said Alaska Airlines CFO Shane Tackett on Yahoo Finance Live.
Airfare could be headed even higher should JetBlue buy Spirit Airlines, pros suggest.
MKM's Cunningham says consumers should be patient, the airlines need the money.
"There are deals to be had if you are willing to be flexible. The airlines want to get back to 2019 levels. They are struggling," Cunningham added.
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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