Expect the cost of your airfare to continue to rise, an aviation trade group and industry heads warn

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The cost of your next flight is likely to go up. That's the word from the International Air Transport Association, which held its annual meeting in Dubai, home to the long-haul carrier Emirates. While carriers recover from the grounding worldwide from the coronavirus pandemic, industry leaders told journalists that there are several costs likely to push those ticket prices ever higher. Part of that comes from worldwide inflation, an ongoing problem since the pandemic started. Jet fuel costs, roughly a third of all airline expenses, remain high. Meanwhile, a global push for the aviation industry to decarbonize has more carriers fighting for the little amount of so-called sustainable aviation fuel, or SAF, available in the market. "The airlines will continue to do everything they can to keep costs in control as much as possible for the benefit of consumers," said Willie Walsh, the director-general of the International Air Transport Association, an industry trade group. "But I think it's unrealistic to expect that airlines can continue to absorb all of the costs. ... It's not something we like to do, but it's something we have to do." Also pressuring the industry is a pandemic hangover in aircraft production as well, they say. Carriers now keep older planes that burn more fuel flying longer. There also aren't enough new aircraft to expand routes and increase supply to bring down overall prices. That warning comes as the IATA estimates globally, airline revenue will reach nearly $1 trillion in 2024, a record high. There will be 4.96 billion travelers on airplanes this year, with total expenses for carriers reaching $936 billion—another record high. But industry profits also are expected to be nearly $60 billion this year. In particular, Emirates, a main driver for Dubai's economy, saw record profits of $4.7 billion in 2023 off revenues of $33 billion. The Emirates' results track with those for its base, Dubai International Airport. The world's busiest airport for international travelers had 86.9 million passengers last year, surpassing numbers for 2019 just before the coronavirus pandemic grounded global aviation. This article was provided by The Associated Press.