Southwest has posted a notice in members rapid rewards statements stating that on January 1, 2024 Southwest points will be devalued and worth approximately 4% less. Currently points are worth 1.2¢ each. After this devaluation they will be worth 1.15¢ per point. Southwest last devalued the program in 2021.
Keep in mind when redeeming with points you only pay the base fare & mandatory TSA fee of $5.6 for one ways and $11.20 for round trip. When paying with cash you also have to pay other fees and charges so you always get more value than 1.2/1.15 per point. When the other fees & charges make up a higher portion of the ticket you get better value.
Hat tip to DDG