Views: 2 Author: Site Editor Publish Time: 2021-12-01 Origin: Site
BEIJING — The global surge in container shipping rates could send consumer prices 1.5% higher over the next year, according to a report from the United Nations Conference on Trade and Development (UNCTAD).
The rate for a single shipping container has skyrocketed over the last 18 months as the coronavirus pandemic disrupted supply chains and trade channels. Routes have seen costs rise by seven times, if not more.
"UNCTAD's analysis shows that the current surge in container freight rates, if sustained, could increase global import price levels by 11% and consumer price levels by 1.5% between now and 2023," the UN report said.
By country, the U.S. would see consumer prices rise by 1.2%, while China would see a 1.4% increase, the report said. The analysis found that smaller countries more dependent on imports would see consumer prices rise by a much higher 7.5%.
Some companies have chosen to send smaller products by air as a result of the soaring cargo shipping costs, although air freight tends to be more expensive.
As of late October, more than 600 container ships were stuck outside ports worldwide, twice the level at the start of the year, Swiss logistics giant Kuehne+Nagel told CNBC's "Squawk Box Asia." The company projected late last month that the congestion would last until at least February.
