The United Nations Conference on Trade and Development (UNCTAD) has given pessimistic signals that prices in global markets could rise again due to weak shipping supply chains.
The UNCTAD report warned in a recent report that the global economy is at increased risk due to vulnerabilities in major sea routes, and warned that if the crisis in the Red Sea and the Panama Canal continues, global consumer prices could rise by 0.6 percent by 2025.
The impact for small island developing states will be more severe, with prices up 0.9 percent and processed food prices up 1.3 percent.
In the midst of a global battle over inflation, geopolitical tensions in the Middle East, the war between Russia and Ukraine, as well as global warming, are clearly complicating shipping activity, affecting markets and consumers alike.
