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Chapter 1: Global Price Changes
The average price of a hotel room around the world rose 3% in the first half of 2011 compared with the same period last year, according to the new hotels.com Hotel Price Index.
There have now been five consecutive quarters of global growth and the average cost of a room now stands at 106 compared to 100 when the HPI was launched in 2004. This is still some way off its mid-2007 peak of 120 and represents good news for travelers looking for a bargain.
Prices fell 8% in Asia year-over-year but rose in all other areas: 4% in North America, 2% in Latin America and Europe and 1% in the Caribbean. A fuller explanation for the reasons behind these moves can be found below and in subsequent chapters.