You might recall when airline ticket prices soared for most of last year after most of the world reopened, and the pent-up demand for air travel was met with more flights. At that time, the outlook was that the rising prices would subsequently falter as the aviation industry worked towards stabilizing.

But if you've traveled recently in the past four months or have already booked for your holidays due this summer, airline ticket prices might not have faltered as much as one would've liked - and regardless of low-cost or full-service carriers, the prices for either have indeed not fallen to what most passengers were previously comfortable with.

Why aren't the prices going up and not down?

While it is frustrating that the airline ticket prices don't seem to be going down as many had initially hoped, there's an inevitable likeliness that the prices may never return to what they were before the pandemic, at least not for another year or two. Here's why.

Unstable jet fuel prices

Whether one likes it or not, the volatility of jet fuel prices tends to have one of the most significant impacts on airline ticket prices. According to the International Air Transport Association (IATA), jet fuel prices reached a record-high of $172 per barrel last June.

Although it slowly declined through the remainder of last year, prices ticked upward at the beginning of this year. And Considering that the cost of jet fuel accounts for anywhere between 25% to 30% of any airline's operating costs, airline ticket prices will increase as a countermeasure.

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Airlines need to be profitable

While the cost of jet fuel accounts for a significant chunk of airline expenditure, an airline's profit or loss for the quarter and, eventually, the whole year also rely heavily on other factors. These include ongoing labor shortages, high labor costs, supply chain disruptions, and aircraft delivery delays.

And though demand for air travel remains consistently high, there isn't enough capacity to meet the traveling needs of passengers. It's generally all just market forces at work whereby the airlines face numerous ongoing operational challenges that result in higher expenditure, creating rising ticket prices.

Worldwide inflation

Finally, there's the issue of the general rise of inflation. Though it may not seem like it since last year, according to IATA, airline ticket prices have only just begun catching up with the average inflation rate compared to how quickly jet fuel prices adapted and soared.

This means the increase in airline ticket prices has been outpacing overall inflation globally only recently and matched global inflation rates at the beginning of this year. With the inflation rate gradually rising, this also means that airline ticket prices will only continue to pace alongside and increase as well.

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What does this mean for passengers?

As frustrating as it may seem knowing that airline ticket prices will only continue to rise from here on out for an unknown period, it's unlikely that such increments will put off most passengers, as evidently shown by a consistent and also significant surge in booking from last year and even for this summer.

But of course, the crazy airline ticket prices aren't always for everyone, and since the prices don't seem to be falling anytime soon, shaving off some money can be done by booking a flight at least three months in advance if possible. Otherwise, miles and rewards are the next best bet for slightly cheaper airline ticket prices.

What do you think of airline ticket prices these days? Please share your thoughts with us in the comments below.