Eurostat: Holiday package prices increase in both Cyprus and the EU

08:03 - 02 September 2024

Economy Reporter

The price of package holidays in Cyprus as well as in the EU continued increasing in 2024, with Cyprus recording the third highest increase among member states in July, according to data released by Eurostat.

In July 2024, the consumer price of package holidays in the EU was 6.6% higher than in July 2023. The price of domestic holiday packages was up 11.1%, while international holiday packages saw a 5.7% increase.

In Cyprus, the consumer price of package holidays in July 2024 was 16.7% higher than July 2023. The price of domestic holiday packages had increased by 11.8% while international holiday packages saw a 17.2% increase.

The price of package holidays has been rising across the EU since August 2021, with Cyprus recording similar trends since 2018.

The annual rate of increase exceeded 10% in most months throughout 2022 and 2023. In particular, domestic package holidays saw a price surge in 2023, with the annual inflation rate surpassing 20% for 7 months in that year.

In July 2024, most EU countries reported a positive annual inflation rate for package holidays sold within their respective countries. The highest increases were recorded for the packages purchased in France (+22.2% compared with July 2023), Italy (+19.5%) and Cyprus (+16.7%).

In contrast, three EU countries reported a negative inflation rate for holiday packages: Malta (-2.9%), Finland (-2.7%) and Denmark (-0.2%).

(Source: CNA)

Eurostat: Holiday package prices increase in both Cyprus and the EU

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