{"id":60657,"date":"2021-11-25T13:45:30","date_gmt":"2021-11-25T18:45:30","guid":{"rendered":"https:\/\/olduvai.ca\/?p=60657"},"modified":"2021-11-25T13:45:30","modified_gmt":"2021-11-25T18:45:30","slug":"shipping-container-price-surge-will-result-in-increased-prices-on-consumer-goods","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=60657","title":{"rendered":"Shipping Container Price Surge Will Result in Increased Prices on Consumer Goods"},"content":{"rendered":"
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Shipping Container Price Surge Will Result in Increased Prices on Consumer Goods<\/a><\/h3>\n<\/div>\n
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The United Nations Conference on Trade and Development (UNCTAD) announced that we should expect consumer prices to rise 1.5% on average over the next year due to the global shipping crisis. Inflation, fuel increases, and labor shortages are among the many factors that have caused shipping costs to spike. \u201cUNCTAD\u2019s analysis shows that the current surge in container freight rates, if sustained, could increase global import price levels by 11% and consumer price levels by 1.5% between now and 2023,\u201d the UN reported last week.<\/p>\n

This will impact consumers throughout the world. The US could see a rise of 1.2%, according to the UN, while China may see a 1.4% increase. Less developed countries could see costs skyrocket by 7.5%. According to CNBC, as of late October,\u00a0over 600 shipping vessels<\/a>\u00a0were parked outside of ports worldwide as they are unable to offload. The UNCTAD expects prices on electronics to spike 11.4%, furniture and textiles by 10.2%, rubber and plastic by 9.4%, and basic electrical equipment by 7.5%. Even pharmaceutical products are expected to increase by 7.5%. There are no signs of this crisis improving anytime soon.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Shipping Container Price Surge Will Result in Increased Prices on Consumer Goods The United Nations Conference on Trade and Development (UNCTAD) announced that we should expect consumer prices to rise 1.5% on average over the next year due to the global shipping crisis. Inflation, fuel increases, and labor shortages are among the many factors that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5496,15374,5479,13351,4856,30840],"class_list":["post-60657","post","type-post","status-publish","format-standard","hentry","category-economics","tag-armstrong-economics","tag-consumer-price-inflation","tag-martin-armstrong","tag-price-inflation","tag-shipping","tag-shipping-costs"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60657"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60657\/revisions"}],"predecessor-version":[{"id":60661,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60657\/revisions\/60661"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}