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American Express releases global business travel forecast

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New York—The demand for business travel will outweigh supply in 2008, driving up prices for airfares, hotel rates, car rental services, and corporate meetings and events, according to the 2008 Global Business Travel Forecast from American Express.

The report forecast that the cost of a domestic business trip, including airfare, car rentals and hotel stays, will increase by 6% next year to an average of $1,100.

The cost of an international trip is expected to increase by nearly 7% next year, to an average total of $3,171, according to the forecast.

The report also projected that North American domestic airfares will increase 1% to 5%.

North American midrange hotel rates are expected to increase 4% to 7% next year, while upper-range hotel rates will increase 5% to 8%.

Also, U.S. car rental rates are expected to increase 2% to 4%.

—Kate Maddox

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