In the travel business, the "rack rate" refers to the published price for what commodity?
List price by the Office of Fair Trading into breaches of competition law by online travel agents and the hotel industry in relation to the advertised pricing of hotel rooms. As of April 2011, this was an administrative priority of the OFT. 'Rack rate' is the travel industry term for the published full price of a hotel room, which the customer would pay by just walking into the hotel off the street and asking for a room. In some jurisdictions, a customer may be entitled to overstay a reservation by paying the rack rate. While the rack rate is lower than the
Commodity price shocks Commodity price shocks Commodity price shocks are times when the prices for commodities have increased suddenly. At the time of the 1973 oil crisis, the price of corn and wheat went up by a factor of three. The 2007–08 world food price crisis saw corn, wheat, and rice go up by a factor of three when measured in US dollars. Global commodity prices fell 38% between June 2014 and February 2015. Demand and supply conditions led to lower price expectations for all nine of the World Bank‟s commodity price indices - an extremely rare occurrence. The commodity price shock in