Where fare goes down, Iago hopes, when travelling (9)

I believe the answer is:

oesophagi

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'where fare goes down' is the definition.
The definition suggests a singular noun but the answer is a plural noun.

'iago hopes when travelling' is the wordplay.
'when travelling' is an anagram indicator.
'iago'+'hopes'='iagohopes'
'iagohopes' anagrammed gives 'OESOPHAGI'.

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(Other definitions for oesophagi that I've seen before include "Crops" , "What act as channels" , "inner tubes" , "pipes" , "parts of canals" .)

I've seen this clue in The Independent.

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