If my two recent purchases on Amazon.co.uk are any guide, Brits should steel themselves for a nasty bout of inflation. One electric kettle went up 25% in the five days between September 21st when I ordered it and the 26th when I resubmitted the payment after Chase declined one on a false fraud alert. Out of curiosity, I checked the other kettle I had bought a few weeks earlier; it had gone up over ten percent.
Of course these are imports responding to the drop in Sterling. Hotel rates are priced locally and will, as you say, probably trend lower in response to weaker demand -- unless an onslaught of tourists makes up for the inevitable drop in business travelers.