Ticket prices for the immensely popular Glastonbury Festival – the biggest live music event in Europe – have soared for 2023, with the festival organizer citing the current economic scenario and the financial impact of COVID-19.

A standard ticket for the 2020 event, which was eventually held earlier this year after two years were lost to COVID-19, cost £265 ($299), in addition to a £5 booking fee and an £50 deposit. For the 2023 festival, a standard ticket will cost £335 plus a £5 booking fee and an £50 deposit.

Defending the price hike, festival organizer Emily Eavis posted on Twitter: “We have tried very hard to minimise the increase in price on the ticket but we’re facing enormous rises in the costs of running this vast show, while still recovering from the huge financial impact of two years without a festival because of COVID.”

The U.K. is undergoing severe inflation with prices rising an average of 9.9% compared to 2021, well above the Bank of England’s 2% target. The Bank expects the rate of inflation to peak at 11% in October and then remain above 10% for a few months before starting to come down, but warns that the prices of some things may stay at a high level compared with the past.

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Eavis said that the deposit of £50 remains the same as 2022 with the balance not due until April 2023.

“In these incredibly challenging times, we want to continue to bring you the best show in the world and provide our charities with funds which are more vital than ever,” Eavis said. “We are, as always, hugely appreciative of your ongoing support.”