Freight Prices (June 2023)
Back at the end of 2022, we reported at Lucidity Insights how crazy Freight Prices had gotten around the world due to the supply shocks the pandemic had created. In 2019, an average 40 foot container traveling by sea cost US $1,500. After 18 months of the world dealing with the pandemic, that same 40 foot container cost US $11,109 to ship across the sea, a 7-fold increase, contributing to inflation across the world.
Prices have slowly been lowering since summer 2022, but stabilizing prices back to pre-covid time rates has been a slow and painful process. We're happy to report that freight prices have leveled out to just under $1500 since May 2023. We hope that consumers around the world start to see an ease in inflation and let go of their purse strings a bit for summer!