Hotel rates may be cooling in the U.S. after a long run of red-hot increases. Hotel prices in December fell 0.5% year-over-year, although they rose slightly – 0.4% – from November, according to U.S. inflation data, Skift reported.

The post-pandemic surge in travel, which led to double-digit rate spikes a year ago, may be coming to an end, based on recent hotel pricing and moderating demand for rooms.

Skift reported that hotel rates as a national average were down 3% between September and October and fell 1% between October and November.
However, STR’s preliminary numbers for December show that hotel rates rose 2.2% year-over-year, though that is below November, when rates were up 3.6% year-over-year.

Read the full Skift report here.