Cost of Business Travel Hits Record High

The cost of business travel reached record levels in November, while leisure fares dropped, American Express reported. The average one-way business fare paid last month was $287, tying the record high set in March 1993, the company said after surveying tickets booked through its agencies. Business fares were 5% higher than October, and 10% higher than November 1995, the company said. Meanwhile, the lowest discount fare--the ticket generally purchased by leisure travelers--averaged $119 in November, 2% lower than October and 12% lower than November 1995. A review of published business fares--which exclude discounted corporate rates--found the November fare, at $408, was its highest ever. The prices were flat from October and 16% higher than a year ago.