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Jun 18, 2021 / in Uncategorized

Much of the price increases we are seeing on imported products could be related to record and near-record shipping costs. The rate to ship a 40-foot container continues to climb as demand far outpaces supply. The Drewry World Container Index rose 7% during the week ended last Thursday to touch $5,193, a nearly fourfold increase from a year earlier. Freight rates from Shanghai to Rotterdam reached a new all-time high of $9,865 per 40-foot container.

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Fuel costs have also been rising in the wake of the cyberattack on the Colonial Pipeline, which delivers 45% of gas supply to the Southeast. Last week, GasBuddy predicted that gas prices would be at their most expensive this Memorial Day weekend in seven years. Gas will average $2.98 per gallon this coming weekend, the company said, the most since 2014 when it was $3.66. This could have the effect of discouraging some fully vaccinated families from taking a well-deserved summer road trip.