TPI rises 26% in 4Q 2023

The Tourist Price Index (TPI) for the fourth quarter of 2023 experienced a significant increase of 26.15%, according the Information from the Statistics and Census Service (DSEC). This rise can be attributed to higher hotel room rates, increased prices of clothing and jewelry, and rising charges for restaurant services. Notably, the price index for accommodation saw a substantial surge of 178.67%. Moreover, the average TPI for the entire year of 2023 increased by 21.53% due to higher hotel room rates, increased prices of clothing, rising charges for restaurant services and higher prices of local food.