Continuing a downward trend for the fourth month in a row, average U.S. airfares tumbled 18.6 percent year over year in July to $241.12, according to the latest U.S. Consumer Price Index. 

The drop follows an 18.9 percent decline in June, when the average airfare was $262.36. The July month-over-month decline was 8.1 percent, the same as it was from May to June. Average airfares peaked in May 2022 at $329.85.

During the recent airline earnings season, many carriers noted that consumer leisure demand has remained strong. Several carriers also have returned capacity to pre-pandemic levels, or close to it, and have replenished their staff. The price of fuel also has abated since last year.