This week, Bloomberg reported that the era of cheap budget travel is beginning to come to an end, as UK airfare costs have been shown to be surging at the fastest rate since records began

Air fares increased by 44.4% year over year in December, which was a significant acceleration compared to the rate of 24.3% seen in November. The British Office of National Statistics released data that showed it was the biggest yearly increase in ticket prices since at least 1989.

Air carriers say that even amid the cost of living crisis, and the grim economic predictions, demand for air travel remains high in Britain following the lifting of Covid-19 restrictions.

Michael O’Leary, the CEO of the ultra-low-cost carrier Ryanair said that his airline has experienced “very strong demand” from air-travelers, even despite the slump in disposable incomes, and reduced living standards consumers are experiencing.

He said, “People I think are worrying that prices are going to rise this summer, which they will, and getting in early and booking their travel.”

In January, Ryanair saw record numbers of ticket sales, with more than 2 million in a single weekend for the first time. That was despite the fact that prices across the sector are presently more expensive due to high fuel costs, the strong demand, and limited capacity due to the after effects of pandemic-induced cutbacks in staff.

Still, ultra-cheap carriers in Europe are warning customers, that their ultra-cheap fares will likely soon be disappearing. O’Leary notes that total passenger numbers in the UK are projected to increase to 168 million by March, and 185 million one year later.

He said, “Summer looks very strong and fares are rising,” as he predicted “high single-digit” percentage increases in prices for a second year.