Your Florida vacation just got cheaper

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.

While the price of oil has been dropping, it's been months for the savings to trickle down to the consumer. That's because jet fuel is bought on futures so it takes a while for the falling oil prices to have an effect. That said, airlines have been doing fine: Even with lower ticket prices, a 3 percent increase in passengers so far this year has kept airline profits on a level.

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So that 6 percent decline in airfare would translate to savings of almost $200 each way for a family of four flying to Miami from Chicago, according to average fare data from U.S. Department of Transportation.

In addition to the airfare, you'll be saving at the pump.

The price of gasoline in Florida has fallen 34 percent in the past year and is now around $2.17 a gallon, according to That's a decline of 2 points more than the national average.

The Chevy Traverse is said to be one of the best cars for vacation, so let's say you rent one. That gets around 17 miles per gallon, which means a savings of around $25 in fuel costs if you drive an average of 50 miles a day.