Airfares take historic dive
Average domestic airfares in the second quarter of 2009 fell to their lowest April-to-June level since 1998, dropping 13 percent from the second quarter of 2008 in the largest year-to-year decline on record, the Bureau of Transportation Statistics (BTS) reports.
The 13 percent year-to-year drop exceeded the previous largest decline of 11.8 percent from the fourth quarter of 2000 to the fourth quarter of 2001, which took place following the 9/11 attacks. The $301 average second-quarter fares were almost equal to the second quarter 1998 average fare. BTS air fare records reach back to 1995.
Second quarter average fares were down 3.8 percent from the first quarter of 2009, the largest first quarter to second quarter decline since 2001.
While airfares in the second quarter of 2009 fell to the same level as in the second quarter of 1998, overall prices measured by the inflation rate rose 32.3 percent during that period. In the 14 years from 1995, the first year of BTS records, airfares rose 1.5 percent, compared to a 41.4 percent inflation rate. From 2001, fares declined 8.3 percent, compared to a 21.2 percent inflation rate increase.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Twang & Tourism: The Country Music Trail
Top Posts & Pages
- Officials set hunting dates for birds; expands dove season by 20 days
- FLIPPING OUT — Flipping houses is popular in much of the country, but in Mississippi ...
- MBJ Special report: MDA numbers help with cities’ retail pitches
- REVVING UP — Motorcars of Jackson is preparing to open its first-ever showroom on I-55
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- COO of TL Wallace Construction keeps eye on revenue growth and profits
- RAISING AWARENESS — Lori Newcomb, family join fight against ovarian cancer
- Isle of Capri reports decreased in-state revenues; experiencing 'market pressures'
- DREAMS AND OYSTERS — Houstons set for August opening of Saltine in Fondren