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Date Published: 30/03/2023

ARCHIVED - Ryanair boss warns flight prices could increase by 15 per cent

ARCHIVED ARTICLE -

Fares to Spain and the rest of Europe will go up again this year as a result of inflation and increased travel demand

<span style='color:#780948'>ARCHIVED</span> - Ryanair boss warns flight prices could increase by 15 per cent

Outspoken Ryanair boss Michael O’Leary said an unprecedented post-Covid travel demand will likely push up ticket prices by as much as 10% or 15% in the future, with a high proportion of bookings coming from US tourists who are beginning to fly further afield after the pandemic.

Last year, the budget airline CEO warned that the days of cheap airfares were over and he was true to his word: across the board, plane tickets rose by 44% in December compared to 2021, representing the largest price jump since 1989.

But even though Mr O’Leary boasted that Ryanair had stocked up on jet fuel before the costs soared to unprecedented heights and passenger numbers are expected to grow by 10% this year, persistently increasing inflation, which hit 10.2% in Spain last June, continues to push up the cost of flying.

Mr O’Leary said: "There's going to be a second year of low double digits price inflation, because there is no capacity.

“I think this year there is a reasonable prospect… [during] the summer average air fares will be up 10-15 per cent again."

The average price of a Ryanair flight is currently around 40 euros, and this would bump up to almost 50 euros with the 15% increase.

"There is no capacity growth in Europe this year, [and] huge demand recovery," he added.

The fight against climate change will also affect every airline, as the EU plans to increase levies for "carbon-intensive industries" in a bid to reduce emissions in one of the most polluting sectors.

Ryanair reported record profits in the region of 211 million euros in 2022 after fares rose by 14% between October and December but despite the extra expense, the low-cost carrier flew more passengers over the holidays than before the pandemic.

Now read: More than 20 million affected by delays and cancelled flights in Spain last year

Image: Pexels

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