Hello and welcome to today's independent travel podcast with me, Simon Calder, looking today at the thorny subject of why's my airfare so flipping expensive.

Yes, at the independent premium event yesterday, an online event,

loads of people asking about airfares, in particular to Australia and New Zealand.

But in general, people are just saying, well, they're too high.

And would you believe this morning on Wednesday we got absolute proof

when the Office of National Statistics revealed its Consumer

Prices Index. Now the headline figure is 9.2% in the 12 months to December 2020. That's down

very, very slightly. But I was taken by the addition of air in this

yes for the first time that I can remember they said oh yeah one reason we've seen

such an increase is a 44% increase in the price of passenger transport by air.

And I wanted to look at that and explain why that's happened and what might happen next.

Now, if you go back a year, which I've done, to look at the International Air Transport Association Jet Fuel Price Index.

Yes, I do have too much fun, thank you.

It's exactly one third higher this week than it was a year ago

before Russia's invasion of Ukraine.

In that time, it's soared over 70% higher than what the actual cost a year ago.

And that, of course, increases the costs for airlines.

Now, the exact price they pay will differ according to what sort of fuel contracts they have.

Many of them are hedged.

But as a very rough index, one third hire looks pretty good.

That certainly matches what Ryanair was saying yesterday about their cost increases.

And it's not just that the fuel you put in the plane costs more,

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