Plane ticket prices are soaring as airlines slash flights to balance out a downturn in demand.

Airfares jumped 4% in July in the first monthly increase since January, according to the Bureau of Labor Statistics’ Consumer Price Index.

Carriers are slashing flights at aggressive rates, with domestic capacity among US airlines plunging 6% in August from the month before, according to data from Cirium.

Domestic capacity among US airlines plunged 6% in August from the month before, according to Cirium. REUTERS

That’s compared to a 4% cut in 2024 and just a 0.6% dip in 2023. Capacity fell 1.7% in the pre-COVID summer of 2019.

Demand for flights slowed dramatically after Trump unveiled steep tariff rates in April and several countries issued travel advisories against the US linked to an exe

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