And the Federal Reserve says inflation is under control.
JetBlue Airways (JBLU) said Tuesday it is raising fares on flyers to combat a 37% surge in fuel prices in the third quarter. “We are taking actions to recapture higher fuel costs through price – both with fare increases over recent months and through higher ancillary revenue initiatives,” JetBlue CEO Robin Hayes said in a statement.
A JetBlue spokesperson didn’t immediately return an email request on the percentage increase in fares.
In August, JetBlue raised the cost to check your first bag by $5 to $30. The cost to check a second bag also rose by $5 to $40. A third bag checked bag went to $150 from $100.
JetBlue added Tuesday that it’s reducing capacity in the second half of 2018 to cut costs.
JetBlue’s third-quarter adjusted earnings came in at 43 cents a share, down sharply from 55 cents a share last year.
Other airlines such as Delta, United Airlines and Alaska Airlines have started to push through price increases on checked bags, too, as a way to combat the surge in fuel prices.
Brian Sozzi is an editor-at-large at Yahoo Finance. Follow him on Twitter @BrianSozzi