Euro adoption ‘to raise Malta and Cyprus prices’
Prices in Malta and Cyprus are predicted to soar this year now that the countries have switched their currency to the euro.
According to the Post Office’s Holiday Money Report, if the two holiday destinations follow the trend set by the original ‘eurozone’ countries, prices will soar.
“Before the 2002 changeover, Spain and Greece were the cheapest holiday resorts – places where eating and drinking cost a fraction of the UK price. By contrast, Italy was, invariably, most expensive,” says the report.
“Within months of adopting the euro, prices had rocketed in all the popular summer holiday resorts, almost doubling in Spain.
“Six years on, prices have settled down, but Italy is now one of the cheaper European destinations, while Spain looks to be the most expensive. “
Based on the Post Office’s Holiday Costs Barometer of 10 items regularly purchased by UK holidaymakers, Cyprus and Malta are currently the third and fourth cheapest resort areas when compared with other eurozone countries.
But the Post Office said it will be tracking the cost of tourist staples and will report regularly on evidence of price rises in both destinations following their switch to the euro at the start of this year.
by Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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