The rate for a single shipping container has skyrocketed over the last 18 months as the coronavirus pandemic disrupted supply chains and trade channels.
That surge in container rates could send consumer prices 1.5% higher over the next year, according to a report from the United Nations Conference on Trade and Development (UNCTAD).
According to the report, the impact on consumer prices will vary by country and product, the report said.
"UNCTAD’s 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," the UN report said Thursday.
By country, the U.S. would see consumer prices rise by 1.2%, while China would see a 1.4% increase, the report said. The analysis found that smaller countries more dependent on imports would see consumer prices rise by a much higher 7.5%.
By product, electronics, furniture, and apparel would see the greatest price increases — of at least 10% globally — due to supply chain distribution, UNCTAD said, noting containers account for 17% of total seaborne trade volume.