Air Fares Flying High in Prices

Airfares saw the biggest hike in prices in May since 1999. That

MGN Online

Airfares saw the biggest hike in prices in May since 1999. That's according to a report from the Bureau of Labor Statistics released Tuesday that found a nearly 6% increase from April to May.

Founder of George Hobica said what's happening in the Middle East is part of the rise in cost.

"With the turmoil in the Middle East and Ukraine, oil and other energy costs may continue to rise, which will either eat into already slim airline profits or cause fares to rise further," he said.

"The reason it's going up is because of same issues as when you're fueling up your car," said Central Wisconsin Airport Director, Tony Yaron. "Prices of fuel go up you need to adjust those revenues coming in to pay for the fuel bill. That's the airline's number one cost."

Yaron said he believes people will continue to travel regardless of the higher cost. Hobica said he thinks many people are actually rethinking what a cheap fare is now and adjust rather than stay home.

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