According to figures released by the International Air Transport Association, demand for air travel is beginning to slow down.

Passenger traffic in June was up 4.4% compared with the same period last month, but the annual rate of growth is close to 10%.

“Compared to May, both passenger and cargo markets contracted by about 1%, for passenger traffic, this is a speed bump in a gradual post-recesssion improvement,” said IATA’s director general and chief executive officer Tony Tyler.

European airlines registered 8.9% growth in June, compared with June 2010, with load factors of over 80%, the highest in the world. IATA attributed this to a weak euro supported by a strong inbound travel trend and the growth of business travel.