A group of aviation industry leaders have revealed that worldwide inflation and jet fuel costs are significant factors in the price hike.

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The global push for decarbonisation has led to airlines competing for the little amount of sustainable aviation fuel, or SAF, available on the market.

Willie Walsh, the director-general of the International Air Transport Association, an industry trade group said: “The airlines will continue to do everything they can to keep costs in control as much as possible for the benefit of consumers.

“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.”

The hangover from the pandemic is another factor for the expected steep increase in ticket prices, experts claimed.

Airlines have continued to operate older planes, which burn more fuel, for longer periods

In addition, there aren’t enough new aircraft to expand routes and keep up with supply to bring the overall prices down.

The International Air Transport Association (IATA) warned that global airline revenue is estimated to reach nearly a trillion pounds in 2024, a record high.

A whopping 4.96 billion travellers are expected to fly this year with total expenses for airlines reaching a record high of £736billion.

However, industry profits are also expected to reach a staggering £47billion.

The popular Emirates airline, which takes thousands of Brits to Dubai, saw record profits last year.

The luxury commercial airline raked in more than £3billion off revenues of £25billion.

Their base, Dubai International Airport, has been dubbed the world’s busiest after more than 86 million passengers travelled there.

Tim Clark, the airline’s president said he is shocked at where ticket prices are today.

Airlines have continued to grow and consolidate which shifted cost-saving onto consumers, he added.

Yvonne Manzi Makolo, the CEO of RwandAir, also highlighted the taxes and fees imposed on airlines by the countries they operate in.

It comes after Martin Lewis shared how savvy holidaymakers can snap up easJet’s cheapest possible flight rates.

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