The travel boom that made Mexico one of the world’s top tourist destinations during the pandemic is coming to a halt as the appreciation of the peso increases travel costs, while making Mexicans opt to go abroad during vacation months.

The number of foreign travelers arriving in Mexico during August, high-season for summer holidays in the northern hemisphere, dropped 1.5% compared to the previous year, the first annual contraction since March 2021, the national statistics institute INEGI said Tuesday. Meanwhile, Mexicans flying abroad jumped more than 26% that month, it said.