Airline ticket prices fall 19 per cent amid less demand, more flights

Statistics Canada says airfares have plummeted over the past year, as airlines shore up capacity even while consumers think twice about travelling in a world of higher costs.

In its consumer price index (CPI) Tuesday, the agency said the price of air transportation dropped 19.4 per cent last month compared with October 2022.

The figure follows a roughly 21 per cent year-over-year drop in September and a 20 per cent decrease in August, after rampant post-pandemic demand last year outstripped carriers' capacity to meet it, resulting in sky-high fares.

The data also showed airfares declined four per cent on a monthly basis in October, when they typically rise ahead of the holiday season.