“The cost of shipping a container on the world’s transoceanic trade routes increased seven-fold in the 18 months following March 2020, while the cost of shipping bulk commodities spiked even more. The inflationary impact of those higher costs is poised to keep building through the end of this year.”

“Bottlenecks and supply constraints are limiting how quickly production can respond. These supply disruptions have been larger and longer-lasting than anticipated, exacerbated by waves of the virus here and abroad, and price pressures have spread to a broader range of goods and services.”

“Continued inventory congestion has driven inventory costs, warehousing prices, and overall aggregate logistics costs to all-time high levels. This is putting even more pressure on already-constrained capacity.”