The rate for a single shipping container has skyrocketed over the past 18 months as the coronavirus pandemic disrupted supply chains and trade channels.
According to a report by the United Nations Conference on Trade and Development (UNCTAD), a hike in container rates could push consumer prices higher by 1.5% next year.
As per the report, the impact on consumer prices will vary by country and product, the report said.
The UN report said on Thursday, “UNCTAD’s analysis shows that the current surge in container freight rates, if continued, could push the global import price level by 11% and the consumer price level by 1.5%. “
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By country, consumer prices in the US will increase by 1.2%, while China will increase by 1.4%, the report said. The analysis found that consumer prices would increase by 7.5% in smaller countries more dependent on imports.
According to products, electronics, furniture and apparel will see the biggest price increases of at least 10% globally due to supply chain distribution, UNCTAD said, adding that containers account for 17% of total maritime trade volume.