The Paris-based group estimates that the recent 100% rise in seaborne freight rates could increase import price inflation across its 38 member countries by nearly 5 percentage points if they persist.
That could add 0.4 percentage points to overall price rises after a year, the OECD said in its latest economic outlook.
In late 2023, major shipping firms began diverting their vessels away from Egypt’s Suez Canal, the quickest trade route between Europe and Asia, due to a spate of attacks by Iran-backed Houthi militants based in Yemen. Tensions remain high, with the navies of countries including the United States involved in the conflict.
Ships are taking the longer Cape of Good Hope route around the southern coast of Africa, which increases journey times by between 30% and 50%, taking capacity out of the global market.
However, the OECD also notes that the shipping industry had excess capacity last year, a result of new container ships being ordered, which should moderate cost pressures.
Denne historien er fra February 27, 2024-utgaven av The Business Guardian.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra February 27, 2024-utgaven av The Business Guardian.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
LG direct for immediate appointment of 2,346 Home Guards
Delhi Lieutenant Governor, Vinai Kumar Saxena has directed for the immediate appointment of 2,346 Home Guards, who have qualified for their Physical Measurement and Efficiency Test (PMET) and written test, even as other vacancies amounting to 7,939 await outcome of two pending court cases, said an official statement from Lieutenant Governor office on Tuesday.
'Discoms colluding with AAP for windfall gains'
The Delhi BJP on Tuesday submitted a memorandum to Lieutenant Governor VK Saxena, calling for an investigation into alleged financial irregularities in the power distribution companies, or discoms.
Delhi faces unusually high temperatures in Nov
This year, however, daytime temperatures have not fallen below 30 degrees Celsius, with the lowest recorded so far at 31 degrees Celsius.
SUPREME COURT DIRECTED PUNJAB GOVT, SEC TO NOTIFY MUNICIPALITY ELECTIONS IN 2 WEEKS; TO BE COMPLETED IN 8 WEEKS THEREAFTER
The Supreme Court in the case The State of Punjab and Ors. Versus Beant Kumar And Anr modified the Punjab and Haryana High Court order which directed that Punjab municipality elections be notified within 15 days.
HC pulls up Delhi Govt Finance Dept for delayed funds to Asha Kiran
During the hearing, the bench expressed strong disapproval, stating, \"The urgency is not impressed upon you... 14 people have died... You should have called the MCD official and asked him the queries.\"
Govt. distributes heaters to curb winter pollution and help night workers
The Aam Aadmi Party (AAP) government has launched a campaign to distribute electric heaters to night security guards in an effort to reduce air pollution in Delhi.
OVER 2.7 LAKH VEHICLES FINED FOR LACK OF PUC SINCE JAN 1
Delhi Traffic Police has issued over 2.70 lakh challans to vehicle owners for driving without a pollution under control (PUC) certificate between January 1 and October 31 this year, the highest in three years, official data showed.
AAP TO CONDUCT SURVEY FOR ALL SEATS
Ahead of the polls, Kejriwal and other senior AAP leaders are holding gatherings at the district level to prepare the party workers for campaigning. No matter who contests on AAP ticket, the party workers should think as though the former chief minister was fighting on all the 70 seats and should have their allegiance to him only, Kejriwal has said.
MCD fines Rs 2.69 cr for violations of dust pollution norms
The Municipal Corporation of Delhi (MCD) has issued fines amounting to Rs 2.69 crore for violation of dust control norms during construction and demolition (C&D) activities between April and October this year, according to official data.
Supreme Court Dismissed Man's Petition To Deactivate 'Machine' Controlling His Brain: 'Bizarre'
The Supreme Court in the case observed and has dismissed a petition filed by a man who alleged that his brain was being controlled by other persons through a machine.
