American Express is forecasting a modest increase in most business travel-related expenses next year after prices deteriorated this year. However, the company is predicting a continued decrease in most hotel rates, including a drop of as much as 6% for hotels in the upper range. The firm says airfares will increase by as much as 8%, with airlines' ability to boost ticket prices coming from their capacity cuts. "As demand increases over the course of the year, they can increase capacity gradually, and that will allow them to continue to have more of an influence on pricing," said Frank Schnur, vice president of global advisory services at Amex.

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