The World’s Largest Beer Festival is all set on October 2016 in Munich

The Oktoberfest 2016, taking place in Munich, was first held in 1810 in honor of the Bavarian crown prince Ludwig's marriage to Princess Therese von Sachsen-Hildburghausen. The annual celebration is expected to attract more than 6 million visitors to the Bavarian capital by October 3.

According to Fox News, beer lovers worldwide will be streaming to Munich's Theresienwiese for the Oktoberfest 2016. Security has been tightened following recent attacks. This year, Munich will host 7 million travelers from around the world for the said event.

Traditionally, beer mugs must remain dry until Munich Mayor Dieter Reiter opens the festival by tapping the first keg at noon Saturday. All visitors must go through security controls and the event grounds will be monitored by multiple video cameras. Large bags are also banned.

Due to this most awaited event by beer lovers, there will be significant increase in the price of beer, accommodations and flight prices for all in attendance.

According to ABCD Agency, a public relations performance agency has researched and surveyed exactly how much these prices are increasing during the Oktoberfest season. The high prices do not keep the estimated 4 million out-of-town attendees and more or less 3 million locals away from event of sure-fire comradeship.

According to statistics from Oktoberfest.net, the number of visitors are estimated to about 7,200,000 each year, all helping consume approximately 6,900,000 liters of beer.

With the huge number of "drunk" travelers coming to the region, the high demand for hotel rooms is a no brainer. The average price for a hotel room is at about 40 euros, that is for two weeks before and after the event. However, during the event, the average hotel room goes for about 200 euros.

This inflation in hotel and commodities prices proves a rise of 85 percent compared to the weeks before and after festival. According to ABCD, the price of flights shows a 220 percent increase after calculating the prices of roughly 40 hotels ranging in variety and star-ratings in Munich.

The significance in individual travelers' costs during the week of Oktoberfest shows just how many are willing to pay for a good time. For the next Oktoberfest, it is suggested to have the hotel and flight arrangements in advance to obviate paying the higher side.