How much more expensive is it to holiday in Spain this summer?
Spain is one of Europe’s, and the world’s, most popular holiday spots, but is it really the cheap destination it once was? How much more expensive will your Spanish summer holiday be in 2023?
According to financial site MoneyTransfers.com, Spain has continued to be the most popular destination for Brits going on holiday abroad since 2019, but since the pandemic, everything has become a lot more expensive.
Spain, like most countries in Europe, has been experiencing high levels of inflation over the last year and holidaymakers may be in for a shock.
While Spain, may have traditionally been one of Western Europe's cheapest breaks, costs have risen significantly, so how much exactly is your Spanish holiday going to cost you in the summer of 2023?
Spain’s National Statistics Institute (INE) revealed on Tuesday, June 13th that prices in Spain were 3.2 percent higher in May than a year ago.
It's an increase lower than that registered in April at 4.1 percent, meaning while inflation is moderating in Spain, prices continue to rise, just at a slower pace.
READ ALSO: Why are flights to and from Spain so expensive this summer?
Accommodation
Accommodation is most likely your biggest expense when going on holiday, and Spain is no different. In fact, the price of hotels as risen more than anything else in the country.
There has been a sustained increase in the price of hotels and other tourist accommodation, which accumulates a rise of 44 percent in total. For example, rooms in 2020 that cost €60, now exceed €86.
READ ALSO: Where in Spain have hotel prices risen the most?
At the end of April 2023, INE data showed that the average cost per room in Spain stood at €99.32 per night. In the same month last year, the average rate was €89.05 and in 2019, prior to the pandemic, it was €80.92.
By category, five-star hotels raised their rates by 14 percent compared to last year, reaching an average cost of €231 per room per night; those with four stars increased prices by nine percent, up to €102; and three-star hotels raised them by more than 13 percent, up to €76.
Restaurants
Eating out is, unfortunately, going to cost you more too. INE stats reveal that restaurants are 13.2 more expensive than before the pandemic.
This is mainly down to the increase in food prices. In February 2020, just before the pandemic broke out, food has not stopped rising and has become more expensive in total by 27.2 percent.
READ ALSO: Ten ways to save money on your trip to Spain this summer
Food and drink
This brings us on to our next point, if you were hoping to save some money this year by self-catering and buying your own food, instead of eating out, you’ll find that supermarket prices have significantly increased too. Food continues to show exorbitant price increases - 12 percent last month compared to May 2022.
Items that are way more expensive than they were a year ago include butter, a rise of 25.2 percent; olive oil, 24.7 percent; milk, 24.3 percent; and potatoes, 23.6 percent.
Processed foods increased by 12.9 percent in May compared to 8.8 percent for fresh foods. Alcoholic beverages and tobacco have also increased their prices by 12.2 percent.
Driving
For those who are thinking of hiring a car or even driving to Spain, petrol, which suffered a supply shock after the outbreak of the war in Ukraine, recorded its highest increase in 2022.
Thankfully petrol prices are now on a downward path again, but even so, accumulatively, it has increased by 17.6 percent.
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According to financial site MoneyTransfers.com, Spain has continued to be the most popular destination for Brits going on holiday abroad since 2019, but since the pandemic, everything has become a lot more expensive.
Spain, like most countries in Europe, has been experiencing high levels of inflation over the last year and holidaymakers may be in for a shock.
While Spain, may have traditionally been one of Western Europe's cheapest breaks, costs have risen significantly, so how much exactly is your Spanish holiday going to cost you in the summer of 2023?
Spain’s National Statistics Institute (INE) revealed on Tuesday, June 13th that prices in Spain were 3.2 percent higher in May than a year ago.
It's an increase lower than that registered in April at 4.1 percent, meaning while inflation is moderating in Spain, prices continue to rise, just at a slower pace.
READ ALSO: Why are flights to and from Spain so expensive this summer?
Accommodation
Accommodation is most likely your biggest expense when going on holiday, and Spain is no different. In fact, the price of hotels as risen more than anything else in the country.
There has been a sustained increase in the price of hotels and other tourist accommodation, which accumulates a rise of 44 percent in total. For example, rooms in 2020 that cost €60, now exceed €86.
READ ALSO: Where in Spain have hotel prices risen the most?
At the end of April 2023, INE data showed that the average cost per room in Spain stood at €99.32 per night. In the same month last year, the average rate was €89.05 and in 2019, prior to the pandemic, it was €80.92.
By category, five-star hotels raised their rates by 14 percent compared to last year, reaching an average cost of €231 per room per night; those with four stars increased prices by nine percent, up to €102; and three-star hotels raised them by more than 13 percent, up to €76.
Restaurants
Eating out is, unfortunately, going to cost you more too. INE stats reveal that restaurants are 13.2 more expensive than before the pandemic.
This is mainly down to the increase in food prices. In February 2020, just before the pandemic broke out, food has not stopped rising and has become more expensive in total by 27.2 percent.
READ ALSO: Ten ways to save money on your trip to Spain this summer
Food and drink
This brings us on to our next point, if you were hoping to save some money this year by self-catering and buying your own food, instead of eating out, you’ll find that supermarket prices have significantly increased too. Food continues to show exorbitant price increases - 12 percent last month compared to May 2022.
Items that are way more expensive than they were a year ago include butter, a rise of 25.2 percent; olive oil, 24.7 percent; milk, 24.3 percent; and potatoes, 23.6 percent.
Processed foods increased by 12.9 percent in May compared to 8.8 percent for fresh foods. Alcoholic beverages and tobacco have also increased their prices by 12.2 percent.
Driving
For those who are thinking of hiring a car or even driving to Spain, petrol, which suffered a supply shock after the outbreak of the war in Ukraine, recorded its highest increase in 2022.
Thankfully petrol prices are now on a downward path again, but even so, accumulatively, it has increased by 17.6 percent.
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