The volume of global air cargo fell in May for the second month this year amid recent hikes of oil prices, according to the International Air Transport Association ( IATA).

"The slowdown in cargo traffic demonstrates that the high price of oil is slowing the global economy faster than expected," IATA chief executive Giovanni Bisignani was quoted by Financial Times as saying on Thursday.

According to the IATA, air freight traffic declined by 1.6 percent year-on-year in May but an overall growth of 3.1 percent was registered in the first five months of this year.

Regions such as Asia-Pacific, Europe, North and Latin Americas all saw a decline in freight volumes, with only Africa and the Middle East still showing growth.

Bisignani warned that the IATA forecast of a six-billion-US- dollar global loss for the industry this year, the fifth successive annual loss, seems likely to come to pass.

After recent rises, crude oil futures fell heavily on Wednesday as a surprise increase in US crude and petrol inventories dragged prices down by nearly one dollar. The oil price is currently about six percent below record highs of Monday.

Air freight accounts for 40 percent of world trade volumes by value and is regarded as a leading indicator of the state of the world economy.

The crude oil prices hit a recond 60 dollars a barrel this month.

Source: Xinhua