Renewed price pressure for retail as global shipping costs soar

Freight rates have jumped sharply for retailers across key shipping corridors including the Red Sea, Panama Canal, Black Sea and Europe’s Rhine as war and drought disrupt global trade.
The latest disruption threatens to push up sourcing costs for retailers and could ultimately feed through into higher prices for consumers.
Container shipping has been particularly affected, with average spot rates from the Far East to the US East Coast climbing 234 per cent year on year to £7,600 for