The UN has warned that elevated shipping costs resulting from the global supply chain crunch will further fuel inflation around the world and disproportionately hit developing nations’ economies.
The surge in freight rates is likely to push up global consumer prices by an additional 1.5 per cent should they remain high for the next year, according to estimates by the United Nations Conference on Trade and Development in a report on Thursday.
The pandemic-induced boom in demand for goods, combined with supply chain disruptions from congested ports to the Suez Canal blockage, have caused freight rates to rocket to record highs, reaching about five times their average over the past decade.
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