At a time when tourism in Cyprus is booming, package prices have also gone up considerably. Cyprus is actually among the top three European Union member states with the highest inflation rate for holiday packages in July 2024.
This is according to the data published by Eurostat, where the annual inflation for package holidays in July in Cyprus increased by 16.7%. Above Cyprus is France with a 22.2% increase compared to 2023 and then it’s Italy with a 19.5% increase.
Markets in decline
In comparison, the top three markets who experienced a decline in inflation for package holidays in July 2024 were; Malta by 2.9%, Finland by 2.7% and Denmark by 0.2%.
Domestic packages are more expensive
The European statistics office reports that consumer prices for package holidays in the European Union were up to 6.6% more expensive in July 2024 compared to the same month in 2023.
The prices of domestic holiday packages showed an increase of 11.1% while the corresponding prices for international packages increased by 5.7%.
The prices for these packages started increasing in the EU from August 2021 according to Eurostat. In fact, the annual growth rate exceeded 10% for the majority of 2022 and 2023, with domestic holiday packages recording a sharp increase in 2023, while annual inflation exceeded 20% over seven consecutive months that year.
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