Air traffic jumps most in 5 years as fares follow oil lower

Airline traffic surged 6.5% last year, the most since the post-slump rebound of 2010, as cuts in fares prompted by the lower oil price encouraged people to travel even amid a generally weaker economic situation. Since capacity increased by 5.6% compared with 2014, aircraft also flew fuller, with the industry-wide load factor gaining 0.6 of a percentage point to a record 80.3% IATA said Thursday. Prices fell 5% on average, adjusted for a stronger dollar. Demand grew fastest in the Asia-Pacific region, which accounted for one-third of the total increase. Asian airlines boosted traffic 8.2% in the year on international routes, while the Chinese domestic market posted an 11% gain -- the same as in 2014 -- as consumer spending proved more resilient than the wider economy, IATA said. <br/>