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Australians warned of higher prices as supply chain problems emerge | The Business | ABC News

Freight costs are rising due to supply chain issues emerging following extreme weather events, like recent flooding in Dubai and conflicts in Ukraine and the Middle East. Ships are being forced to travel further to avoid the dried-up Panama Canal and attacks in the Red Sea by Houthi rebels. Shipping companies are spending more on fuel and insurance premiums. The impact is not as substantial as the early period of the COVID pandemic, where air freight was also disrupted, and workforces were trimmed. But consumers are being warned to expect prices and be more patient, as retailers use slower methods to get stock. Despite higher interest rates, inflation, and soaring energy costs, global trade is still tipped to rise in 2024 by the World Trade Organization. #ABCBusiness Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2024-04-2... ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook: / abcnews.au Follow ABC News on Instagram: / abcnews_au Follow ABC News on Twitter: / abcnews Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia

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