Jet fuel costs drive airfares to record high, airlines cut capacity

Airfares rose 22% year-over-year in September, a 10th straight monthly increase, as soaring jet fuel prices push airlines to raise fares, shift to premium-heavy cabins, and reduce flight options. American Airlines reported a nearly 70% jump in fuel costs in Q3, adding $1.9 billion in expenses. The trend signals sustained cost-push inflation in the travel sector, with potential knock-on effects on consumer spending and broader inflation metrics.

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