Amidst increasing oil prices, airfares set to soar in 2022 – CARICOM Business

The International Air Transport Association (IATA) says rising jet fuel prices are likely to cause airfares to increase this year based on current trends, as airlines grapple with higher operating costs.

Speaking during a recent media briefing, IATA Director General, Willie Walsh, noted that fuel prices in the few weeks of 2022 were significantly higher than the last forecast in October.

He said airlines are also facing higher labour costs amid the staff shortages being seen in economies around the world. IATA data show jet fuel at
US$101 dollars per barrel on January 21, against its October forecast of US$77.80 a barrel.

Extract from the CARICOM BUSINESS Newsletter, Vol 5 No. 5

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Source: CARICOM TODAY