Lisa Mateo

New data from the U.S.

Department of Transportation's Bureau of Transportation Statistics shows fuel costs for U.S.

airlines increased by more than 56% in March from the month before.

Oil consumption also grew by 19.5% from February to March, and fuel cost per gallon was up almost 31%.

The costs were also significantly higher when compared to March of last year.

Spiking fuel prices have pushed carriers to increase fares and baggage fees, as well as cut back on routes.

It was also a major factor in the closure of Spirit Aviation.

Lisa Mateo, Bloomberg Radio.

It's clear that the war and the escalation of the conflict in the Middle East is going to lead to less growth and more inflation around the world, including here in the United States.

And I'm Lisa Mateo.

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Eastern.

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So the sooner this war is over, the sooner we will be able to get on with the recovery and trying to reestablish the path on which we were before of a stronger growth and shared prosperity.

And I'm Lisa Mateo.

Watch and listen to Bloomberg This Weekend for thoughtful, enlightening conversations about business, lifestyle, people, and culture.

Join us as soon as you wake up and bring us with you wherever your weekend plans take you.

Make us part of your weekend routine on Bloomberg Television, radio, and wherever you get your podcasts.

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