In brief

8% more expensive, according to Anac.

A third of seats still sold for less than R$ 500.

What we know

04

  1. Verified fact · material

    The average domestic airfare was R$ 776.87 per leg in August, up 14.5% in real terms from August 2025, according to Anac data released on September 22.

    Cost pass-through to passengers under way.

    Sources[01][02]

  2. Verified fact · material

    Jet fuel cost R$ 4.98 per liter in August, up 31.8% from August 2025.

    Explains the pressure on fares.

    Sources[01][02]

  3. Verified fact · material

    In August, 34.8% of seats were sold for less than R$ 500 and 9.2% for more than R$ 1,500.

    Shows price dispersion despite the high average.

    Sources[01][02]

  4. Verified fact

    Compared with August 2024, CNN Brasil, citing Estadão Conteúdo, reports a 10.4% rise, and Correio Braziliense 15.1%; neither coverage brings demand data.

    Records the divergence in the two-year base.

    Sources[01][02]

Transmission to assets

Market read-through

Fares 14.5% higher with jet fuel 31.8% costlier indicate partial pass-through, which preserves revenue per seat at Azul and Gol but still squeezes margins; for inflationInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗, the airfare item tends to keep pressuring services IPCAInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗ in the second half.

Portfolio impact

02
AZUL4 e GOLL4mixed

Partial pass-through preserves revenue per seat, but jet fuel 31.8% costlier squeezes margins.

Net effect depends on demand elasticity.

What would change the view: Demand not falling with higher fares.

direct40% confidence
IPCA de serviçospositive

Airfares pressure services inflationInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗.

A volatile item, but with weight in the services core.

What would change the view: Fares continuing to rise in September.

macro40% confidence

Direction is an explanatory hypothesis, not a forecast or recommendation.

Next signals

What to watch

  • Airfare item in the September IPCAInflationMacroChange in the price level, tracked in Brazil primarily through the IPCA index.Open in the Market Map ↗-15
  • Petrobras jet fuel price in October
  • Anac domestic demand for August and September

Limits of the reporting

What remains uncertain

  • The change versus August 2024 differs across coverage (10.4% and 15.1%).
  • Coverage brings neither demand nor load factor.

Full sources

02
01
Correio BraziliensePreço das passagens aéreas sobe 14,5% em agosto, informa Anacindependent newsroom
02
CNN BrasilTarifa média da aviação sobe 14,5% em agosto ante mesmo mês de 2025independent newsroom
06