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Published on : Thursday, July 20, 2017
The airfare in this region is likely to rise by 6.6% that is quite above the 2.8% rise projected for Asia Pacific region in the year 2018, according to a survey conducted by CWT (Carlson Wagonlit Travel). With the rise in the price of crude oil, the global airfare prices are expected to rise by 3.5% and the airline capacity would be rising by about 6% during the same period.
CWT’s estimates reflect the recent trend of the lesser number of airfare reductions as noted by the International Air Transport Association (IATA).
Earlier, IATA had mentioned that the price of airfare in the initial quarter of 2017 had declined by 10%. After adjusting for inflation, the average airfare at the beginning of the second quarter was 6% lower than it was a year ago, as per this global airline body.
IATA predicts that the airfare in 2017 would be lowers as compared to that in last year.
The airfares in the Middle East, Africa and Europe are expected to keep soaring while the prices set to rise by 7.1% in Eastern Europe 5.5% in Western Europe.
Airfares in Europe would be further increased by the currency fluctuations here.
The rise in airfare would lead to a great increase in overall travel costs the following year up to about 4% in certain sectors, as per the version of CWT. Hotel prices are predicted to be 3.7% higher and the ground transport like buses, trains and taxis are expected to rise by 0.6% that is quite less than the 3% inflation forecast for 2018.