After all that fuss about price rises... Ryanair is cutting its fares by 15%!

WITH the price of everything from Marmite to laptops going up in recent weeks, it’s been a gloomy start to winter – even before we saw temperatures plummet.

And while many would like to cheer themselves up with some winter sun, doom-laden warnings about Brexit and the impact of the falling pound may have left them resigned to shivering at home.

But it seems that amid all the price hikes, there’s a bright light on the horizon.

Yesterday Ryanair revealed plans to cut fares by up to 15 per cent this winter.

Experts predicted the move would spark a price war, forcing other budget airlines, such as main competitors easyJet and FlyBe, to lower their fares.

And they said the lower flight costs would also see the price of package holidays fall, making it a great time to book a holiday for this winter, or next summer.

Ryanair said its costs were down due to lower than expected fuel prices, with savings to be passed on to customers.

Chief executive Michael O’Leary said that while the reduced fares will mean shareholders have to wait for returns, the savings should entice winter sun seekers to keep booking with the company. He said: ‘We’re looking to a winter where, as far as we can see, fares will keep falling. That should be good for demand. We’re 2 per cent stronger booked into the winter period than we were this time last year.

‘I think we’ll continue to trade strong, it’s very good news for customers but shareholders will have to wait a little for returns.’

Around 250 people boarded a Ryanair flight every minute between April and September, with each customer accounting for an average of £15 in profit. With the price slash, the airline expects to make just £3 profit per passenger between October and March.

Ryanair, which already runs winter flights on routes such as Gatwick to Alicante for a little as £19.99, is the latest airline to slash prices in a bid to entice customers searching for winter sun. Last week Emirates Airlines cut the costs of flights from the UK to Dubai in a winter season flash sale.

EasyJet said its fares have fallen consecutively year on year due to an increase in the number of passengers, seats and routes available.

Travel search engine Kayak said flight prices to Britain’s top holiday destinations, including Spain, Amsterdam and Italy, fell by an average of 15 per cent between July to September this year compared to the same period last year. The average cost of flights from the UK to Dublin has fallen from £84 to £48, while the cost of a ticket to Milan fell from £164 to £88.

Flights to Czech capital Prague have dropped from £158 to £100.

Last night Emma Coulthurst, of holiday price comparison site, TravelSupermarket, said: ‘The reason why Ryanair is cutting its fares is, no doubt, due to the massive amount of competition, with more and more low cost operators coming into the market or expanding.

‘Ryanair will be hoping it can gain market share and put downward pressure on other competitors.’

She added: ‘Ryanair’s decision to cut its fares is likely to spark a price war. If it becomes cheaper to fly away for a city break or sun holiday, holiday package prices – which are often made up of low cost flights – will be even better value too.

‘Now is a great time to get your holiday package or flights for next summer as you get what you want and at the best price.’

Suzanne Perry, travel expert at Kayak, said the price war was unlikely to affect high-end airlines, as they do not typically compete with Ryanir.

She added that fares had fallen due to ‘competition between airlines on the most popular routes’ and the falling price of jet fuel.