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US Shipping Costs Skyrocket to 2021 Highs
30 Oct
Summary
- US shippers faced the highest freight costs since 2021 in Q3.
- Soaring diesel prices and fewer drivers drove up shipping rates.
- Data comes from the US Bank Freight Payment Index released Thursday.
US shippers encountered the peak freight costs observed since 2021 in the third quarter.
This escalation in expenses was directly linked to a significant rise in diesel prices.
The price hikes for diesel were attributed to the war between the US and Iran, alongside a notable decrease in the trucking workforce. This reduction in drivers resulted from federal immigration enforcement measures.
These factors combined to drive up overall shipping rates for businesses across the United States. The data was published in the US Bank Freight Payment Index on Thursday.
Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.
