Rise in prices globally, airline fares jumped by 10.7% in March: Report
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Price hikes for gasoline, shelter and food were the key drivers of overall inflation
A rise in airfare in spring and summer will hurt the vacationers. As per the latest data, in March 2022, the Consumer Price Index for all Urban Consumers (CPI-U) was up by 1.2 per cent on a seasonally adjusted basis as compared to an 0.8 per cent rise in February.
The CPI-U shows that the all items index has risen by 8.5 per cent during the past 12 months which is up from 7.9 per cent recorded in the 12 months through February 2022.
If we talk particularly about the aviation industry, airline fares jumped by 10.7% in March. The report shows that several other transportation-related indexes recorded large increases over the past year. The media reports have suggested that the prices are expected to rise.
Price hikes for gasoline, shelter and food were the key drivers of overall inflation as it posted its biggest 12-month increase since December 1981 in March 2022, as measured by the CPI-U.
Currently, the ongoing Russia and Ukraine war has caused a rise in fuel prices and huge travel demands are also driving up the cost.
The aviation industry has been gone through a very rough phase. The impact of the coronavirus (COVID-19) pandemic has been immense on the airline industry, with aircraft being grounded globally during the lockdown.
When the virus cases started to dip, the aviation industry started the services Covid guidelines and measures. In the past two years, the industry suffered heavy losses with some laying off employees or declaring bankruptcy.
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