December 29 2010 by Chris McGinnis
Business travel price increases are holding steady, according to the latest American Express Business Travel Monitor. In the third quarter of 2010, year over year prices for both airfare and hotel increased.
Amex says airlines have been able to raise fares and maintain more financial stability mainly by constraining capacity. Domestic airfares in Q3 increased six percent year over year, while international fares climbed eight percent. Hotel rates across the U.S., meanwhile, increased just two percent on average in the third quarter compared to the same time last year.
Cities with the highest year-over-year hotel price increases include New York City, where rates are up 10 percent, as well as New Orleans, Washington, D.C., Las Vegas and San Francisco.