Whether driving or flying, the cost to travel continues to rise. Airline fares saw a record increase in April.
With warmer weather arriving, many of us are dreaming about summer vacations.
“I might be taking a trip up to Maine or New Hampshire, do a little bit of hiking, do a little bit of biking,” said Christopher Kempf of Windsor.
Kempf said he’s not going to let the cost of gasoline get in the way of traveling.
“It’s just a few gallons of gas to get up there, so I’m not too concerned. I’ve got a Prius, so things could be worse,” said Kempf.
With many making plans, gas prices only seem to be going up.
AAA said the average price of a gallon of regular gas in the state is $4.40. That’s up from $4.23 a week ago. Last year at this time, drivers were paying far less at $3.04.
“It doesn’t matter to me because I need to go,” said Nhan Ma of Windsor Locks.
Ma will travel by plane this summer, and rising costs are hitting that industry, too.
U.S. Bureau of Labor Statistics reported airline fares rose sharply by nearly 19% in April – that’s a one-month increase record.
“The airfare has been going up for the last few weeks, and I’m afraid it will go up even more significantly in the next few months,” said Quinnipiac University International Business Professor Dr. Mohammad Elahee.
Elahee said there are two factors behind the surge: the demand for travel and the increase in costs for labor and jet fuel.
He said many families increased the amount in their savings account during the pandemic by staying home and getting stimulus money from the government, and their desire to travel now will mean consumer demand will still be there even with the higher prices.
“I think more people will be traveling internationally, more people will be traveling domestically,” Elahee said.
Elahee believes the higher prices we’re seeing are going to be here until at least September.
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