LISBON, Oct 25 (Reuters) - The worldwide surge in inflation is a boon for Ryanair's growth, the budget airline group's Chief Executive Officer Michael O'Leary told a news conference in Lisbon on Tuesday.
Countries across Europe have been grappling with soaring prices brought on by factors such as Russia's invasion of Ukraine, global supply shortages, and the COVID-19 pandemic.
"We think recession, price inflation is very good for our growth," O'Leary said, explaining that in crises, passengers do not stop flying completely, but rather become more price-sensitive and opt for cheaper airlines like Ryanair.
"We see that continuing," the CEO said.
Some European airlines have recently said demand for travel was holding up, calming worries that pressure on household budgets could stall aviation's recovery from the pandemic.
On Oct. 13, O'Leary said the sustained demand appeared to be supported by savings built up during the pandemic.
However, he then sounded a note of caution over how long that could endure, as he expected customers' disposable income to get hit by higher interest rates and cost of living further into the northern hemisphere winter. (Reporting by Catarina Demony, Writing by David Latona; Editing by Andrei Khalip and Mark Potter)