Brits will have to fork out far more for a package holiday to some of the most sought after destinations this year compared to last.
The cost of living crisis has squeezed every aspect of life in the UK over the past 12 months, with inflation currently running at 8.7% and the price of many specific items shooting up far more than that.
Among them are all-inclusive package holidays, which have jumped in price for Mediterranean hotspots including Majorca and Crete.
The average price of a week with everything included in Majorca is up 21% compared to this time last year, while prices for Tenerife have risen more than 22%, TravelSupermarket figures show.
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Crete in Greece is a full quarter more expensive than last year. Across Spain, Turkey, Greece, Portugal and Cyprus prices have gone up by nearly 12%, the BBC reports.
Away from the Mediterranean prices are going up as well. A week in Morocco is 27% more expensive than last year, and Bulgaria has gone up 13%.
When compared to prices available before the coronavirus pandemic struck at the start of 2020, the average price across the top five destinations is up more than 30%.
That is well above the rate of general inflation since 2019, which is just a little over 20%.
Sandra Ollerton, who runs Preston Travel Centre in Lancashire, has said that demand for holidays is high - which tallies with a number of polls suggesting Brits are prioritising going away despite the challenging economy.
To make sure that they can get away, some people are cutting the length of their holidays from two weeks to one to save money, or teaming up with their parents and grandparents.
"We're seeing an increase in multi-generational holidays, because we're finding that some of the grandparents weren't affected as much financially by Covid or the cost-of-living crisis, so they are helping out their children and their grandchildren," she told the BBC.
Richard Singer, chief executive of TravelSupermarket, has said that waiting to the last minute to see if prices drop would be unlikely to work this year.
"It is unlikely that prices will fall substantially for this summer," he said.
Earlier this month the Mirror reported how flight prices in Europe have soared at nearly six times the rate of consumer inflation.
A new study from ACI Europe has shown that passenger numbers are getting closer to pre-pandemic levels, with the likes of Iceland, Cyprus, Greece, Portugal, Bulgaria and Malta seeing some of the best results.
However, the aviation industry isn't fully out of the woods, with Olivier Jankovec, director general of ACI EUROPE, noting that "only 47% of Europe’s airports having fully recovered their pre-pandemic passenger volumes".
He said: "April has brought us closest ever to a full recovery for passenger traffic. The Easter holidays boosted demand, which clearly kept defying inflationary pressures. This is quite remarkable when the increase in air fares is more than 6 times above consumer price inflation."
The consumer price inflation rate in the eurozone stood at +6% in May 2023, whereas air fares in Europe for the same month were running at +36%
It comes after a number of travel giants have warned that the era of cheap flights could be over.
Earlier this year, TUI's CEO warned that people should not hold out hope for last-minute bargains. TUI Chief executive Sebastian Ebel said the company was seeing exceptionally high demand in the first full summer since the end of the pandemic as people remain desperate to get away.
Last summer, a number of UK airports and airlines struggled to cope with the surge of demand post-pandemic, which left Brits facing chaotic queues and delays - some which lasted hours.
