Spike in global shipping costs — spurred by the war in Ukraine — to add 1.6 percent to consumer prices and 11.9 percent to global import prices, says U.N. report.
lines have risen close to 50 percent” since the beginning of the war Meanwhile, the leaders of the G7 at the end of their summit in Elmau, Germany, on Tuesday declared, “We will continue to impose severe and enduring costs on Russia to help bring an end to this war.”
“Beyond its direct implications, Russia’s aggression is impeding the global recovery and dramatically worsening energy security and access to food globally. To this end, we remain steadfast in our commitment to our unprecedented coordination on sanctions for as long as necessary, acting in unison at every stage.”
However, the UNCTAD study highlights that increased costs “are a challenge for all traders and supply chains, particularly smaller shippers who are less able to absorb the additional expense and disadvantaged when they are negotiating rates and booking space on ships.”
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