The cost of airfares are expected to rise because of inflation, jet fuel costs and a push for decarbonisation, the International Air Transport Association has said. The cost of your next flight is likely to go up, according to industry leaders.
, which held its annual meeting in Dubai on Monday. Part of the problem stems from worldwide inflation, an ongoing problem since the pandemic started. Jet fuel costs, roughly a third of all airline expenses, remain high. Meanwhile, a global push for the aviation industry to decarbonise has more carriers fighting for the little amount of so-called sustainable aviation fuel available on the market.
director-general Willie Walsh said: "The airlines will continue to do everything they can to keep costs in control as much as possible for the benefit of consumers. "But I think it's unrealistic to expect that airlines can continue to absorb all of the costs. It's not something we like to do, but it's something we have to do.
estimates that globally, airline revenue will reach nearly one trillion dollars in 2024 - a record high. There will be 4.96 billion travellers on planes this year, with total expenses for carriers reaching 936 billion dollars - another record high. But industry profits also are expected to be nearly 60 billion dollars this year.In particular, Emirates, a main driver for Dubai's economy, saw record profits of 4.7 billion dollars in 2023 off revenues of 33 billion dollars .