US Edition
Published • loading... • Updated
Airfares climb for first time in nearly two years amid soaring fuel costs: StatCan
Jet fuel costs and strong demand pushed fares up 4.9% from February, with the year-over-year increase the first since June 2024.
- Statistics Canada released CPI data on Monday showing airfares rose 2.9% year-over-year in March, marking the first annual increase since June 2024.
- National Bank analyst Cameron Doerksen attributes the surge to jet fuel prices spiking after the U.S.-Israel conflict with Iran disrupted tanker traffic in the Strait of Hormuz.
- Airlines implemented fuel surcharges, driving a 4.9% monthly price hike; Air Transat CEO Annick Guérard noted the carrier raises fares on routes where they "see less competition and we have more flexibility."
- Air Canada is suspending operations at John F. Kennedy International Airport for five months as surging fuel costs make some lower profitability routes no longer economically viable.
- Elevated fares will likely persist, according to Doerksen, who noted that future pricing power depends on consumer demand, as higher airfares typically lead to some demand destruction if fuel prices remain high.
Insights by Ground AI
16 Articles
16 Articles
Air fares increased in March compared to the previous year for the first time in nearly two years, in the context of exorbitant prices for kerosene, according to Statistics Canada.
·Montreal, Canada
Read Full Article
From one month to the next, fares have risen by almost 5%. The post Airfare prices have been rising for the first time in almost two years appeared first on Les Affaires.
Coverage Details
Total News Sources16
Leaning Left5Leaning Right1Center6Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 42%
C 50%
Factuality
To view factuality data please Upgrade to Premium
