Prices for European road freight have increased to a record high, following driver shortages and the increasing cost of fuel.
The latest quarterly European Road Freight Rate Benchmark reached 107.6 for the third quarter of 2021, showing growth for the fifth consecutive quarter and the highest level since the measure began in 2017.
The European Road Freight Benchmark is calculated by Transport Intelligence (Ti), Upply and the World Road Transport Organisation (IRU).
Quoted in freight and logistics sector news publication The Loadstar, Ti’s head of research, Nick Bailey, said:
‘[The benchmark] is 2.9 per cent higher than the same point a year ago. We see supply chain issues, bottlenecks and demand has increased as shops have reopened. Costs are rising for road freight providers and inflation is on the horizon. In Germany, diesel prices ended 38.5 per cent higher per litre in Q3 than in the same period last year.’