There used to be someone here who advocated for buying two months out, claiming that was the "sweet spot." He was so convincing I followed that advice for a family trip to Europe and ended up paying over $1000 MORE than if we had bought earlier like we usually do.
Then I tracked prices on our favorite airline (BA) just out of curiosity, starting in late December for a hypothetical July trip to Switzerland. Prices did nothing but go UP from the time I started watching until one week before the flight, when I stopped watching. Price started around $1500 and was almost up to $2000 by early July. there never was a drop like that graph you posted shows.
I checked BA prices for a 3-week trip in December and it turns out is is about $100 cheaper if you reverse your trip, going to London first and flying back from Rome. It has something to do with taxes imposed for flights departing from Heathrow. (I noticed when I was tracking prices that RT fares were cheaper when one flew beyond London, say to Zurich, than for London itself.)
For the dates I checked, the price to fly into London from Philly on BA, and then a direct flight back from Rome on USAir (bookable on BA.com) , was $1150. I should go back and check if the reverse is offered (going to Rome on USAir to avoid the London thing). I'll do that and let you know.