Inflation figures from the Office for National Statistics (ONS) show fares rose by 22.2% between July and August 2024, making them the biggest factor in transport inflation overall.
“Fares usually rise between these months," said the ONS. "But this was the second largest such rise since the monthly collection of prices began in 2001. The increase came principally from European routes.”
The ONS added: “A year ago, air fares fell by 2.1% between July and August 2023. This was only the second time fares had fallen between these months – the other occasion was in 2020 when price movements were affected by the coronavirus Covid-19 pandemic.”
It added last year’s dip “partially reflected a relatively high July 2023 index, possibly linked to the departure date for flights priced being closer to the school holiday period”.
The ONS said air fares were “the largest upward contribution” to the monthly change in inflation in August. The figures back up “quite stunning levels of pricing” seen by industry experts this year.
Overall inflation remained unchanged at 2.2%, with falling petrol and diesel prices offsetting rising airline ticket prices. The figures will influence the Bank of England’s decision when it meets to set interest rates on Thursday (19 September).
