Value for money is key when going on holiday this year. | BORJA SUAREZ

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With inflation and the cost of living high on everyone's agenda this year, getting the best value for money when going on holiday is going to paramount.

Price is going to king more than ever and according to latest reports, Spain offers Britons the third best value for money, but as we know, the Balearics has some of the highest costs of living in Spain.

For example, Turkey still has some of the lowest costs for holiday essentials, with a beer costing an average price of £1.66 and dinner for two around £14. Let me know where you can beat that in the Balearics - please.

The study from Saxo Markets has issued its holiday value for money price ranking:

Turkey
Portugal
Spain
Germany
Greece
Italy
France
Canada
USA
Australia

And Turkey does appear to be proving very popular with the British this year with many of the leading tour operators expanding their operations in Turkey for next summer, it is already on sale, and starting the season earlier than usual as they can obviously see demand only increasing.

Plus, some airline bosses have warned that short haul flights will be more expensive next year when the full impact of this year's rise in fuel prices kicks in.

At the moment, many airlines are flying on fuel purchased last year, however next year, they will be flying on fuel bought or orderde this year and near record prices and that will be passed on the to consumer.