Airfare 33% higher YOY

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Airfares jumped 18.6 percent from March to April, according to data released Wednesday by the Labor Department, the largest month-over-month increase for plane tickets on record. The huge jump comes after airfares increased 10.7 percent from February to March. Overall, flights were 33.3 percent more expensive than they were in April of last year.

Airlines point to rising fuel costs and a surge in demand for summer flights as the driving forces behind airfare hikes. Several of the nation’s leading airlines reduced their flight schedules in the coming months to dampen the impact of higher fuel prices, keep airfares elevated and limit potential delays and cancellations.

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