Retailers set to raise prices as shipping, commodity costs soar
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Consumers have been warned to brace for higher prices on products ranging from imported food to clothing, footwear, furniture, hardware and toys as a surge in shipping costs adds to pressure on commodity prices.
Retailers said shipping costs had tripled in 12 to 15 months while prices for commodities and materials ranging from palm oil and PVC to timber, steel and aluminium had soared due to strong global demand, container shortages and logjams in ports.
Spot shipping rates for some retailers have tripled during the pandemic, pushing up the cost of goods.