Holiday prices are going to start rising. | Majorca Daily Bulletin reporter

The economic impact of the war in Ukraine could soon be seen on summer flight prices in Europe with reports that the cost of flights to popular Spanish destinations like the Balearics this summer could rise by as much as 40 percent as the price of price of a barrel of crude oil continuing to increase and the price of kerosene having doubled over the last year.

The CEO of the British Association of Travel Agents, Mark Tanzer, recently told the Bulletin that last minute bookers may be hard pushed to find a cheap deal because flight prices will more than likely rise if the war drags on as we get nearer to summer.
Plus, as a result of pent up demand for holidays in the UK, availability may become a problem as well, so boon early, book now was his advice.

And looking ahead to 2023, the boss of Jet2 has a similar message.
Jet2 has warned holidaymakers to book a trip now - as flights will almost certainly go up next year.

Steve Heapy said, reported by Travel Weekly: “It could be next year you see price increases because companies are only hedged by a small amount around fuel.
“They are hedging at much higher rates and prices will have to go up. “We will see inflation start to bite in summer 2023 prices.

“We should all do what we can over the next few weeks to get as many bookings in for summer 2023 as possible.”

He added that holidays prices haven’t gone up that much right now as they have planned ahead with contracts with hotels and fuel prices ahead of the rise of the cost of living.

Hotels will also be forced to review their prices due to the rise in food prices and taxes.
This means Britons should look at booking their summer 2023 holiday now to take advantage of the cheaper offers currently on the market.

Most tour operators have already launched their summer schedule for next year, meaning a holiday to Spain or Greece can be booked more than a year in advance.