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The Los Angeles Times reports that a combination of rising fuel costs and increasing demand have sent fares spiraling upward—to the tune of almost 15 percent for travel this summer.
According to the Times‘ Hugo Martin, “As the summer travel season approaches, airline industry experts predict that soaring fuel prices and a sharp pickup in passenger demand will push airfares up 15% over a year earlier — to levels not seen since before the economic downturn.”
Martin points to the numerous fare hikes airlines have pushed through since January, most of which are tied to the relentless, rising cost of fuel. According to the International Air Transport Association (IATA), fuel prices are up 50 percent year over year, and have been rising at a steady 5 to 7 percent clip month to month. Fuel prices are nearing their 2008 peak of around $140 per barrel.
Our own fare tracking data reinforces the Times‘ reporting. According to SmarterTravel Airfare Editor Patricia Magaña, most summer Europe fares are trending upward already. Most of the fares we track are up significantly year over year as well.
Readers, do you feel that fares for summer travel are rising? Have you noticed higher fares in your searches?