The price of flights has almost doubled in a year - and Ryanair and Aer Lingus are warning of more fare hikes as the cost of fuel soars.

New figures from the Central Statistics Office show that the cost of flying jumped 92.7% in the past 12 months.

And with inflation now at 7% - the highest in nearly 22 years - the cost-of-living crisis is extending to holidays with airlines flagging a hike in prices. Ryanair admitted yesterday that "airfares are likely to increase", while Aer Lingus chief Lynne Embleton said: "When fuel price goes up it is inevitable eventually that will be passed through to customers."

Travel experts are telling prospective holidaymakers to book now if they plan to go abroad later this summer as pent-up demand, along with fuel costs, is causing air fares to jump.

There is no let up in the cost-of-living surge either, with Central Bank Governor Gabriel Makhlouf yesterday describing current runaway prices as "concerning" adding that the European Central Bank needs to take action, as inflation rises across Europe by 7.5%.

In Association with

Some experts fear inflation will rise even higher this year and hit a 40-year high of 8% by the end of 2022, while one economist warned we are only "at the beginning" of the living costs crunch.

Diesel is now more than 40% more expensive than a year ago, while petrol is 24% higher. Electricity bills have risen by 28% and gas bills are coming in at just over 50% more costly than April last year. Home heating oil is just over 90% dearer than a year ago.

Food prices were also higher last month, including the price of meat, bread, cereals, milk, cheese and eggs.

And if costs at home are rising, there will be no escape on your holidays. Aer Lingus chief executive Ms Embleton said it is 'inevitable' fares at the airline will go up as a result of rising oil prices.

She said fuel costs are a large part of the overall cost base of an airline, typically making up 25% to 30%, remarking: "When fuel price goes up it is inevitable eventually that will be passed through to customers. It doesn't happen immediately but you would expect the industry to recover those costs. But ultimately we do see fuel costs needing to be reflected in price."

Despite having "hedged" or bought fuel supplies in advance of price rises, a Ryanair spokesman said the airline has no plans to introduce a fuel surcharge, but he said airfares are "likely to increase, due to reduced capacity and other market factors".

Irish Travel Agents Association chief Pat Dawson said the main cause of fare rises here was not fuel price increases but the massive pent-up demand for travel.

He said: "We all know in the trade that air fares have risen this year and it's nothing to do with fuel, it's to do with the pent-up demand. We expect all the fares to go up."

John Spollen, of Cassidy Travel, said: "If you're planning to visit Spain, Portugal, Greece, Italy, those destinations that are most popular from Ireland, in July and August, certainly now is the time to book those.

"It's a truism of travel, if you want the best value in airfare and holidays, it's always smart to book it as early as possible, that would be our mantra.

"If you haven't booked your flights for summer, I would certainly do them now."

Even on the domestic front, staycations are unlikely be much cheaper. Depending on when they book, a family of four faces a difference of almost €1,000 for a week in Center Parcs between now and peak season at the end of July. A stay from May 23-30 costs €1,898, but a week from July 25 to August 1 costs a hefty €2,848.

A spokesman for the Irish Hotels Federation said last night that bookings are up: "We are hearing from our members that there is a steady flow of bookings coming in for the summer season.

"This is very welcome given that we were closed for leisure this time last year.

"Not surprisingly, there is stronger demand in popular tourism destinations and hotels offering packages and facilities for families. However, the IHF encourages people to explore all parts across the country, where there may be wider availability including at peak times. There is excellent value to be had throughout the country."

That value may not, however, manifest itself in your shopping basket with fears that food inflation is about to balloon. Production costs have pushed up farmgate prices - the price wholesalers and supermarkets pay farmers - by 21%, its highest rate since 2008.

KBC Bank chief economist Austin Hughes warned that the living costs crisis is "really only in its early days". He added: "Irish inflation may edge a little higher in coming months and could even threaten a near four-decade high of 8%. A likely further pick-up in food prices, coupled with the prospect of rising interest rates, may mean many feel cost of living problems get materially worse as the year progresses."

The latest inflation figure follows an increase of 6.7% in the year to March and prices have been rising in annual terms since April 2021, with an annual inflation of 5% or more recorded each month since October.

Mr Makhlouf said: "Ireland's economic outlook is good, but for the avoidance of doubt, the current level of inflation is concerning. I am acutely aware of the impacts of inflation on people's lives and businesses - it affects the whole community, and some more than others...

"We have reached the point where we know the ECB's Governing Council needs to act.

"Our objective is for inflation to be at 2% over the medium term - levels are significantly above that now, and it is time for the council to move to end net asset purchases under the asset purchase programme next month or in July."