Hotel prices paid by travellers globally during 2014 increased by 3% compared with 2013, according to the latest Hotels.com Hotel Price Index (HPI).

At the end of 2014, the global HPI stood at 113, 13 points higher compared with its launch in 2004 and on par with its level for 2008.

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Hotels.com brand president Johan Svanstrom said: "Although the Index rose again last year, it is still way behind its peak of seven years ago, which is great news for consumers.

"Although the Index rose again last year, it is still way behind its peak of seven years ago."

"Global events, such as the Winter Olympic Games and World Cup, predictably attracted travellers to new destinations. Yet unforeseen tragedies, including the Ebola outbreak, the missing Malaysian Airlines flight MH370 and the loss of MH17 left their own mark."

North America is witnessing a strong economy and rising dollar and led the way with a 5% increase, 2% better than 2013.

The Caribbean region registered an index rise to 137 and Latin America registered a 2% rise.

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In 2014, the Pacific showed no rise in its index but the continued weakness in the Australian dollar highlights that the region is set to lure more visitors in 2015.

The index for Asia has decreased 2% and the HPI over the years has shown that the region has long offered the best value destinations in the world.

Svanstrom added: "More than 1.1 billion travellers ventured abroad in 2014, up nearly 5% over the previous year, with the size of the global domestic travel market estimated to be four to five times this total."

Providing hotel accommodation worldwide, Hotels.com also offers booking services through its own network of localised websites and telephone call centres.