Container shipping costs plunge as consumer spending declines

Demand has plunged as inflation surged, triggering a severe cost of living crisis in several economies and leading central banks to attempt to restrict spending with higher interest rates. (Representative image)

Oliver Telling and Valentina Romei in London and Richard Milne in Copenhagen The price of shipping goods on vital global trade routes has fallen 85 per cent below its peak as the cost of living crisis hits consumer spending and pandemic-related supply chain disruption eases. This month it cost $ 1,444 to ship a standard 40ft steel container from eastern China to the US west coast at short notice, according to shipping data specialist Xeneta, down from a peak of $ 9,682 in…