Portugal has been named the most affordable holiday destination of the year for 2017, as consumers ditch long-haul for affordability amid currency fluctuations and the weaker pound.

The annual Post Office Holiday Money Report compared average costs of tourist expenses across 44 worldwide destinations, to reveal the cheapest spots for British holidaymakers over the next 12 months.

This included flights, a three-course meal for two with wine, a cup of coffee, bottle of local beer, a can of Coca-Cola, glass of wine, bottle of still water, suncream and even insect repellent.

Its findings revealed Portugal’s southern coastal region, the Algarve, as the best value sunspot for the the second year running, with a barometer total of £33.36 – only £4 (10%) more than a year ago.

Runner-up Sunny Beach, Bulgaria is just pence behind the Algarve, at £33.53, and also benefits from a 1.5% fall in local prices. In third place, Spain’s Costa del Sol at £38.79 is also a winner.

Elsewhere in Europe, Marmaris in Turkey will set travellers back £49.74, followed by Prague at £51.17. Budapest (£53.18) and Corfu (£63.54) have retained their top 10 places, while Paphos (£53.03) has risen to sixth place, its highest ever position.

This spells good news for those planning to visit the Cypriot resort in its year as joint European Capital of Culture.

Meanwhile, the Japanese capital of Tokyo, where the items cost £58.47, on average, was the only destination outside of Europe to feature in the top 10.