09/06/2010
In its latest Holiday Costs Barometer charting costs in popular holiday destinations, Post Office Travel Money reports that prices have plunged in top Eurozone destinations, led by Portugal and Spain - by as much as 42 per cent year on year. In sharp contrast, the new barometer shows a 31 per cent rise in US prices for the 10 tourist items surveyed. Key findings include:
• Prices have dropped by 42 per cent in Portugal (The Algarve), which is cheapest in the survey. At £38.61, the barometer basket in the Algarve is almost half the price in Italy, most expensive of the Eurozone destinations (50.8 per cent).
• Runner up Spain is down 40 per cent, based on current exchange rates.
• With the exception of Italy (on par with 2009), prices are lower in all the Eurozone countries surveyed by the Post Office.
• Sterling’s strengthening against the euro means that past winner Bulgaria has fallen from the top spot in the Holiday Costs Barometer, although it is still in third place and is cheapest of the non-euro destinations. Together with Portugal and Spain, Bulgaria has pulled away from the competition with prices for these destinations at least one-third cheaper than any other country.
• Prices are three per cent cheaper than a year ago in Croatia but on par with 2009 levels in Turkey, which has suffered from sterling’s slip against the Turkish lira.
• The USA is the most expensive destination surveyed in the Post Office Holiday Costs Barometer. At £103.87 for items including a meal and light refreshments, prices in Florida have risen by 31 per cent since last year.
• Prices have also pushed up in Egypt - a destination previously identified by the Post Office as great value for UK holidaymakers. The Holiday Costs Barometer shows a 39 per cent price hike for the 10 items surveyed, mostly accounted for by the increased cost of an evening meal for two.
Sarah Munro, Post Office Head of Travel Money said: "The good news for UK holidaymakers planning trips to the eurozone is that the Holiday Costs Barometer reveals cost reductions in most of the eurozone destinations but most notably in Portugal and Spain where the price crash is in the region of 40-42 per cent compared with a year ago. The biggest discounts have been on the cost of eating out, as eurozone restaurants battle for business with mouth-watering meal incentives."
"Transatlantic tourists face paying more for meals, drinks and other basic items once they arrive in the USA this year. Sterling has dropped by nine cent compared with May 2009 and, what’s worse, the Post Office Holiday Costs Barometer shows that local resort prices have risen significantly, making our basket of goods 31 per cent more expensive this year."
Source: The Post Office - Royal Mail
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