Airfares not yet back at pre-crisis levels

Average airline fares have risen significantly but have not yet reached levels seen before the global downturn, despite more travelers and greater volumes of freight, industry body IATA said on Wednesday.

In its latest financial snapshot, the International Air Transport Association (IATA) said on Wednesday that fares still remained 10-15 percent below their pre-recession peak.

"Whereas air travel and freight volumes are now above pre-recession levels this is not true for fares," the Geneva-based group said.

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IATA, whose 230 airline members include Deutsche Lufthansa, Air Canada and Singapore Airlines, said earlier in June it expected the industry to return to a profit this year

But it also warned that margins were set to remain depressed.

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Earlier this week, IATA said air passenger and cargo demand increased markedly in May.

The airline industry's performance tends to be cyclically tied with the broad economy, which is now emerging from financial crisis.