Buzz Update Global fare hike, air fares up 10.7% in March: report TOU

Buzz Update Global fare hike, air fares up 10.7% in March: report

 TOU

Global fare hike, air fares up 10.7% in March: report

The increase in air fares in the spring and summer will hurt those who go on vacation. According to the latest data, in March 2022, the All-Urban Consumer Price Index (CPI-U) rose by 1.2 per cent on a seasonally adjusted basis, up from 0.8 per cent in February.

The CPI-U shows that the commodity index has risen by 8.5 per cent in the last 12 months, from 7.9 per cent in the 12 months to February 2022.

If we talk about the aviation industry in particular, air fares rose 10.7% in March. The report shows that many other transport-related indices have recorded huge increases over the past year. There were reports in the media that prices were likely to rise.

Rising prices for gasoline, shelter and food are key drivers of overall inflation, as it recorded its biggest 12-month increase since December 1981 in March 2022, as forecast by the CPI-U.

Currently, the ongoing war between Russia and Ukraine has led to a rise in fuel prices and even huge travel demands are driving up costs.

Read more | Indian inflation rose in March; Lemon prices are skyrocketing

The aviation industry has gone through a very difficult phase. The corona virus (COVID-19) pandemic has had a devastating effect on the airline industry, with flights coming to a halt around the world during the lockdown.

As virus cases have been declining, Kovid has launched guidelines and measures to service the aviation industry. Over the past two years, the industry has suffered huge losses, with some employees being laid off or declared bankrupt.

Read more | Power crisis: Maharashtra minister says many states are facing coal shortage

Watch | US small business sentiment drops due to inflation concerns

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