Working on your 2012 budgets? Make sure you increase travel estimates for air, hotel and ground transportation. American Express Global Business Travel’s latest global forecast projects escalating costs across the board.

According to American Express Global Business Travel’s eXpert insights Business Travel Monitor, costs for flights and accommodations in 2011′s second quarter were 4 percent to 8 percent higher than in first quarter 2011, and 3 percent to 11 percent higher than they were a year ago.

The 2012 AmEx Global Forecast predicts North American airfares will increase an additional 3.5 percent to 5 percent max for economy long and short haul flights, respectively. Business class fares may increase by as much as 5 percent to 7 percent.

Read the full story from Plan Your Meetings website: http://planyourmeetings.com/2011/10/30/airfare-and-hotel-rates-continue-to-increase/