In July 2024, the consumer price of package tours to the EU was 6.6% higher than in July 2023. The price of domestic travel packages increased by 11.1%, while the cost of international travel packages increased by 5.7%.

In Cyprus, the consumer price for package tours in July 2024 was 16.7% higher than in July 2023. The cost of domestic travel packages increased by 11.8%, while the cost of international travel packages increased by 17.2%.

Package tour prices have been rising across the EU since August 2021, while a similar trend has been observed in Cyprus since 2018.

The annual growth rate exceeded 10 percent in most months in 2022 and 2023. In particular, prices for domestic package tours increased sharply in 2023, and the annual inflation rate exceeded 20 percent in 7 months of this year.

In July 2024, most EU countries reported positive annual inflation for package tours sold in their countries. The highest growth was recorded for packages purchased in France (+22.2% compared to July 2023), Italy (+19.5%) and Cyprus (+16.7%).

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

Source: cyprus-mail.com

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