Why have air flight tickets doubled in price over the last 2 years?

M0neysaver1an

In March 2022 I paid £320 for 2 return flights to Madeira including two 22kg luggage bags with Jet2, this year the cheapest I could buy was £642 almost double the price, it can’t be the cost of fuel because crude oil has been low in the range $73 to $80 for a long time since before Christmas and the £/$ exchange rate has been particularly favourable too. EasyJet fare prices are similar too.
Is it because these airlines are now concentrating on cheap all inclusive holidays and flight only passengers are helping to subsidise cheap all inclusive holidays? 

MeteredOut

Airlines typically hedge fuel purchases, so they won't have paid todays price for fuel, Also, general inflation has pushed their own costs up. And some might say corporate greed/making up for lost profits over Covid. Also, simply supply and demand - if they sell for that price, they'll sell them for that price.

zagfles

Doubling in price is nothing to do with fuel or exchange rates, that might make a small difference. You can still get cheap flights, I've just booked some for £30, but other flights to the same place same airline are around £200. It's all supply/demand for particular routes and dates, you can try to apply some logic to it eg it's half term, the weather is rubbish here etc, but stuff like that is more relevant than underlying costs.

Bicycleman22

March 2022 Covid pricing, compensation claims for airlines increase as flights increase ( a lot of people believe the compensation claims are free money but guess who is paying for the claims) wage rises, increased cost in materials for repairing aircraft, airport charge increases due to wage to rises, increased insurance costs....The list goes on and on.....The fuel might have been purchased a long time ago but at what price ?

zagfles

Just checked on Ryanair, you can go to Madeira on Sun 3rd for £24.99 and return on the 12th for £30.49

Bit more later in the month but not much. Even with extras for bags and seat selection should come to well under £100 each way.

Hoenir

M0neysaver1an said:

it can’t be the cost of fuel because crude oil has been low in the range $73 to $80 for a long time since before Christmas and the £/$ exchange rate has been particularly favourable too.

Airplanes don't fly using crude oil. Price of Jet fuel went on an onward trajectory after events in the Ukraine two years ago. Airlines to fix their ticket prices have to forward hedge by months. Fuel accounting of around 40% - 50% of the cost of a flight. 

bagand96

Airline ticket prices are dynamic and basically it's a case of supply and demand. The price 2 years ago has little bearing on the price today. £320 for 2 returns including hold baggage is a very good price though.

Also consider that Jet2 as an airline is effectively operating as part of Jet2Holidays. They'd much rather sell you the full package than just the flights and their pricing often reflects that. 

rancid-a

@M0neysaver1an My own flight prices were painful this year too. the past 12 years I've been taking trips to India, Last flight back in 2019 was actually the cheapest - £475 direct, return, economy class. I've just paid £880 for the same flight I usually take for my March Holiday.
I did have a look at a possible trip in October, prices were back to resonable again

jimi_man

There are so many different factors in this. When you book, when you travel, which airline, what day you travel etc etc. As has been said above Ryanair offer no frills fares for reasonable rates - depending where you live. Stansted is awkward unless from that side of London. At the other end of the spectrum BA cheapest is £400 or so but that’s because it’s only a couple of weeks out. Later on in the year it’s half that. 

Your post reads that you booked and travelled in March which will always be expensive. Doesn’t mean that airfares have doubled. They are generally cheapest around six months out (180 days in advance). 

However they are still cheaper than they were 30 years ago. Comparing with Covid times is unrealistic since airlines were offering v cheap fares just to get people to travel.