Weaker pound means pricier goods on holiday
This is according to new research, which points out that a 22-month low for the pound against the euro yesterday is bad news. Last July, it was at a seven year high, but it has fallen sharply. According to the Post Office Travel Money study, they found that the price of 10 regular tourist purchases - things like a cup of coffee, a bottle of water, a meal, sun cream and such - has risen by 23% compared to last year in Majorca, 9% on Crete and 5% in the Algarve in Portugal.
It isn't all bad news though - some resorts are actually cutting their local prices. If you go to Limassol in Cyprus, their goods are 7% cheaper this year, and the same items cost 6% less on the Costa Blanca.
Andrew Brown of Post Office Travel Money said: "There is no escaping the fact that sterling is weaker this year than last, resulting in price rises in 80% of resorts surveyed."
"However, looking back to previous years, European resort costs have still fallen quite significantly in the longer term."
“The pound may be worth less in Europe than a year ago but our research suggests UK tourists who choose destinations carefully could find resort prices lower than expected. However, sterling could be affected – positively or negatively - by the EU referendum vote. For those still at the planning stage, it will be wise to compare prices for tourist staples in resorts you are considering before booking. This could make all the difference to how far the holiday budget will stretch.”
Since 2011, costs in Cyprus had fallen 45%, and 30% in Croatia.Bulgaria is still the cheapest destination, getting best value for the third year running in the survey.