Dec 21, 2023 02:41 AM

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Red Sea Chaos Risks Driving Up Price of Goods for Global Economy

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The cost of sending a 40-foot container from Shanghai to Rotterdam has jumped 44% since the end of October

The cost of sending a 40-foot container from Shanghai to Rotterdam has jumped 44% since the end of October

(Bloomberg) — Attacks in the Red Sea linked to the Israel-Hamas war will cause shipping delays and drive up the price of goods, bringing a new inflation risk to the economy.

Shipping companies are diverting cargoes after Iran-backed Houthi militants based in Yemen attacked commercial vessels plying the Red Sea. The vessels will have to sail around Africa instead of taking the shorter route through the Suez Canal.

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