UN warns of soaring consumer pricesBOTTLENECKS: Surging freight rates will have a heavy impact on trade and undermine socioeconomic recovery until supply problems are resolved, an UNCTAD official saidAFP, GENEVAThe UN yesterday warned that a surge in container freight rates could mean higher prices for consumers next year unless COVID-19 pandemic-fueled problems are untangled. “Global consumer prices will rise significantly in the year ahead until shipping supply chain disruptions are unblocked and port constraints and terminal inefficiencies are tackled,” UNCTAD said in its Review of Maritime Transport 2021 report. The mismatch led to record container freight rates “on practically all container trade routes,” the report said. The rise in consumer prices is expected to be 7.5 percent in SIDS and 2.2 percent in LDCs. E-commerce — accelerated by the pandemic — has changed consumer shopping habits and spending patterns, the report said.

Source: Taipei Times November 18, 2021 19:10 UTC