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Air ticket prices mark 5-year high

On the back of a recent oil price recovery and anticipation for national holidays, the prices of international air tickets in March hit a five-year high, Statistics Korea’s data showed Friday.

Starting in September last year, international tickets’ prices bounced back to rise by around 1 percent each month. In March, prices hiked by 4.5 percent year-on-year, the biggest leap since May 2012.

(Yonhap)
(Yonhap)

Ticket prices for domestic flights also went up by 7.3 percent in March, recording the biggest jump since September 2013.

The jumps came as more people planned for holiday travel in April and May. All domestic airlines started the peak season earlier than usual, in late April.

The higher ticket prices were also partly due to the oil price recovery, which set fuel surcharges accordingly.

Korean airlines started imposing fuel surcharges in February, after a 17-month spree of zero surcharges, as the Singapore kerosene benchmark rose. Fuel surcharges on international flights will, however, go back to zero for May, according to the airlines.

Overall overseas travel spending also increased in April, by 7.1 percent, while domestic travel spending rose by 3.9 percent during the same period, largely owing to the ticket price growth, a Statistics Korea spokesperson said. 

By Shim Woo-hyun (ws@heraldcorp.com)

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