Pricier visits

The Tourist Price Index (TPI) increased by 2.17 per cent year-on-year in the third quarter, with the highest increases registered in average prices for Accommodation and Restaurant Services

Dearer prices for local food products, rising taxi fares and increasing charges for hotel accommodation and restaurant services led to an increase in the Tourist Price Index (TPI) for the third quarter of this year, up 2.17 per cent year-on-year to 129.61.
The tourist price index reflects the price change of goods and services purchased by visitors, with sections of goods and services for the index selected based on the consumption patterns of visitors.
The highest yearly rise was registered in the price index of Accommodation, with the average price going up by 6.75 per cent yearly, and for Restaurant Services, which saw its average price go up 5.52 per cent year-on-year.
However, due to reduced prices of men's outer clothing, handbags and jewellery, the price indices of Clothing & Footwear and Miscellaneous Goods decreased by 3.75 per cent and 2.82 per cent yearly, respectively.
On a quarter-to-quarter comparison, the TPI increased 2.59 per cent in the third quarter.
The average prices for Accommodation and Transport & Communications increased 10.68 per cent and 6.55 per cent quarterly, respectively, due to higher hotel room rates and airfares during the summer holidays.
In the first nine months of this year, the TPI decreased by 0.91 per cent compared to the same period last year, with the largest decreases seen in the average price of Transport & Communications and Clothing & Footwear.