Not quite, ping is the time taken from A to Z, not A to B. What may interest you is the response time from A-B, B-C, C-D, D-E etc.
Try these from your CMD prompt:
ping google.com
pathping google.com
tracert google.com
Compare the outputs and they will show you the response times per hop, between your PC, your nearest router, the next nearest link, etc. and would hopefully show you if there was a link in the chain that was much slower than the rest. That is the theory anyway, in your described situation this may not help much but hope this helps to explain.