The cost of buying an airline ticket will hit a three-year low this month, before starting to creep back up as demand increases this spring, according to a new forecast by Hopper.com.
The site predicts its Consumer Airfare Index will fall to $210 this month, about 2.5 percent lower than last month and more than 14 percent lower than last year, thanks to plummeting oil prices.
Honolulu was the destination with the biggest projected price drop in January, with a potential $20 decline from the current $545 price. Hopper projects that prices could fall 17 percent on tickets to Miami and New Orleans, and 16 percent on tickets to Las Vegas and Houston this month.
The international cities where tickets prices could drop the most are Rio de Janeiro (23 percent); Milan (18 percent); and Bora Bora, in French Polynesia, and Istanbul (17 percent each).
Prices will rise through the spring, according to the forecast, peaking in June at about $20 below 2015 levels.
Being flexible with your travel plans can reduce already low rates even further. It’s usually cheaper to fly Monday through Wednesday, rather than Thursday through Saturday. You’ll also likely find better fares in the early morning and on red-eye flights.
For North American destinations, you might also be able to save by purchasing two one-way tickets in lieu of a round trip flight.