The report, published by travel management platform CWT and the Global Business Travel Association (GBTA), said rising fuel prices, labour shortages and inflationary pressures in raw material costs are the primary drivers of the expected price growth.
It predicted air fares will increase by 48.5% compared to 2021 by the end of 2022 and further rise by 8.45% in 2023. Meanwhile, ground transportation costs are expected to rise by 7.3% by year end and 6.8% next year, and hotel rates have been tipped to increase by 18.5% before the end of 2022 and by 8.2% in 2023.
