Emirates Skywards has been known to shake up its rewards program from time to time, and this latest change follows suit, delivering a mix of good and bad news much like what the airline has in the past. Award prices for cabins increased. There's been a useful new option, however, that accompanied the news and may even help your miles stretch a bit longer, depending on your mode of travel.

The increase in the price of living is real, but it is relative

The first part of the news no one wants: Round-trip premium cabin award fares and business class upgrade redemptions have risen by about 15% across the board. The changes were announced in advance by Emirates on its mileage calculator before it was rolled out, at least there was some advance warning but "advance warning" is a long way from "welcome news".

The new pricing model looks like this for those fifth-freedom flights between New York and Europe, or the Athens-Newark route and the JFK-Milan route, two of the most popular Emirates award targets for U.S.-based flyers:

• Business Classic: One-way is up to 59,000 miles (was not one-way); round-trip is up to 118,000 miles (was 108,000).
• Business Flex Plus: One-way climbs to 100,000 miles from 87,000; round-trip moves to 200,000 miles from 181,000.
• Business class upgrade from Economy Saver: Now 90,000 miles up from 82,000.
• Economy Flex Plus to Business class upgrade: Now 45,000 miles, up from 39,000 miles.

The hikes are actual and they hurt, particularly those who were trying to plan a round trip redemption at the previous rates on their minds.

The Silver Lining That Changes the Math

Now the fun begins. Until the price hike, Emirates had previously only offered one-way booking for its pricier Business Flex Plus awards, which have been priced at 100,000 miles one way. The classic saver awards, much less expensive, were round-trip only. It's no longer restricted.

Fares for a one-way Business Classic ticket have been lowered on those New York routes to Europe by 59,000 miles. The previous lowest one-way was the Flex Plus at 87,000 miles. That's a loss of nearly a third almost 30,000 miles on one of the most popular award routes in the program for a business class seat on one way travel.

This is a more significant change for many travelers. It is challenging to find an award on both legs of a round trip. One of the most frustrating restrictions of the Emirates program has been forced lock up return availability, that is, the same airline, the same cabin, at the same time. The move to eliminate the requirement for Classic awards offers a greater level of flexibility for travelers to mix and match, avail of a positioning flight or simply book the direction that's required without sacrificing a substantial number of miles on a return flight that hasn't been planned yet.

Author(s): Robert L. McDonald, Kate Marsh, and K. Annise Scheider

It would be unfair to consider this update alone. For years Emirates Skywards has been steadily spiraling downwards. Unbeknown to many, the first-class awards are limited to Emirates' elite customers when reserved directly via the program. There have been changes to transfer ratios from the main bank currencies, which means there's a higher cost to transferring points into Skywards miles. Fuel surcharges on redemptions which are already a hot-button issue have risen.Fuel surcharges on redemptions have increased, especially between the United States and Europe.

It's been a gradual progression that has resulted in a program that needs a lot more miles to achieve the same.What has been a gradual progression is that the program now takes more miles than it did a few years ago to deliver just the same. The individual changes have been considered small; the overall story when taken together is more negative.

The Bottom Line

Honestly? While it looks like a net negative compared to the headline price increase, that's an easy mark, so it's good to note.

For those embarking on a round trip and already calculating their ticket at Classic award rates, the NYC-Europe legs are approximately 9% more expensive than they were before. That's not great. However, for travelers with a greater aversion to making a return trip, those who want to book each leg of their journey separately, and those who aren't tied to a return date, the new one-way Classic pricing really does open up new opportunities.

Flexibility is usually more valuable than a hard discount to most of those seeking to get value from their points. A key advantage of the program two weeks ago was the ability to book a business class seat for less than 60,000 miles for a one-way ticket from New York to Europe which is a one-way ticket. That's something.

Please do not think that this is a sign of Emirates' generosity now. Long-term trend remains unchanged. However, one-way saver pricing in this particular batch of changes is a valid upgrade, and in an appropriate itinerary, it's one that's worth creating around.