NEW YORK ( TheStreet) -- The International Air Transport Association (IATA), in its recent report, said that despite rising fuel costs, the demand for air travel has been increasing in the past few months.For 2011, IATA has cut its global industry profit outlook to $8.6 billion from the December 2010 estimate of $9.1 billion, prompted by higher fuel costs and the Middle East unrest. However, for 2010, the IATA has raised its profit estimate to $16 billion from the prior forecast of $15.1 billion. Currently, fuel accounts for 29% of the industry's operating costs as against 26% in 2010.
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