After months of falling fuel prices, air passengers are finally benefiting.
Taking your family on vacation to Florida now would cost you at least $400 less than it did a year ago, thanks to the fall in crude oil, and trickle-down of airline prices. That's a rough average for a family of four to fly from the middle of the U.S. and a week's worth of driving through the Everglades.
Airfares declined 3.1 percent in August this year, the Labor Department announced Wednesday. That follows a 5.6 percent drop in July, the biggest one-month fall since December 1995. All of that adds up to a 6 percent drop since August 2014, and more change in your pocket. The overall CPI for all urban consumers was down 0.1 percent in August on a seasonally adjusted basis.
One of the biggest drivers for the cost of airline tickets is jet fuel. Oil futures have fallen 53 percent in the past 12 months, a drop fueled by slowing global demand and fears over China's stagnant growth.