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High freight costs are leading to the rising cost of consumer goods

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  • High freight costs are leading to the rising cost of consumer goods
A number of the world's largest consumer goods conglomerates have warned in the last week that the price of household goods will have to rise to cover high freight costs.

Procter & Gamble is preparing to increase the price of a number of household goods. Andre Schulten, Chief Financial Officer, cited higher warehousing and supply chain costs as key factors. 

The company has estimated that an additional $200 million will be spent due to higher freight costs, caused in part by labour shortages and ports still grappling with significant disruption.

Reckitt Benckiser flagged that it was seeing significant cost pressures due to higher costs including freight. The company estimated its input cost inflation was running at 10 per cent during the last three months. 

The Chief Executive of Unilever has warned shoppers they are facing a “once in a two decade” environment of rising prices across almost every household product. Huge inflationary pressures forced the company to push up prices by 4.1 per cent in the past three months. The price increases are the biggest in 10 years. 

The shortage of HGV drivers in the United Kingdom (UK) is also having a large impact on costs incurred by UK companies. This is in addition to worldwide supply chain issues such as the blocking of the Suez Canal by a ship in the summer and the closure of a large Chinese port because of Covid.

Increased worldwide demand has led to the cost of shipping a container from China to Europe increasing dramatically. 

In yesterday's budget, the Chancellor Rishi Sunak stressed that the pressures on supply chains would take “months” to ease.

If you are looking to reduce freight costs for your business please contact us at Tudor International Freight, on 0333 1234 747 or email sales@tudorfreight.com.

About Us - Tudor International Freight 

Established in Horsforth, Leeds, back in 1991, we are a logistics company who are experts in road, air and sea freight. We transport goods to most major cities, towns and suburbs across all 6 continents. We go over and above to ensure that our client’s products, goods and cargo are transported around the world safely and successfully. We are a family business, who are still based in Horsforth, Leeds, West Yorkshire. 

 

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    • Tudor International Freight
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      Low Hall Road
      Horsforth

      Leeds
      LS18 4EF
      UK

      T: +44 (0) 333 1234 747
      E: sales@tudorfreight.com
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