Korea to raise international air fares
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Korean air carriers will raise ticket prices up to 15% for flights to the US, Australia and Europe, starting next month. According to a Korea Herald report, Korean Airlines, the country’s largest carrier, will increase ticket prices by 10% for all flights to the US and 5% for some flights to Europe. Asiana Airlines meanwhile, has said it will also raise ticket prices for flights to the US, Europe and Australia by 5-15%.
While Korean carriers are struggling with the weak Korean won causing a severe deterioration in outbound international passenger travel, it is questionable whether raising ticket prices will provide the solution. The airlines reportedly said that the fare increases are inevitable and they have minimised the level of increases. International air fares have been frozen since 2006, the report stated.
The carriers also stressed that they are merely raising the price cap of the fares, while actual ticket prices will be adjusted depending on market conditions, sales channels and options.
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