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The TEG road transport price index has revealed an overall price-per-mile increase of 1 per cent in May, despite inflation finally hitting single digits at 8.7 per cent.
The index has risen by 1.2 per cent year on year (YoY), and last month’s figures are at their highest for May since the index was started in 2019.
Haulage prices in the country have also shifted upwards slightly by 1.3 per cent during the month compared to courier prices which have almost hit a plateau with a minimal 0.2 per cent change, a release from the company said.
To grow the economy and cut emissions, the UK government is changing regulations to allow longer trailers on roads. Raising the maximum size by 2.05 metres, the change in law is projected to deliver a £1.4 billion boost for the UK’s economy by supporting productivity.
At the same time, it is hoped that it will also decrease carbon dioxide emissions by 70,000 tonnes as a result of reducing lorry journeys by 8 per cent.
The long-awaited diesel price drop is picking up pace, with pump prices falling by 2.75 per cent in May—seven times as fast as petrol prices. They’ve now reached levels last seen in February 2022, before Russia’s invasion of Ukraine caused prices to skyrocket. In the last week of May, they were 26 per cent down on the July 2022 peak figures.
Fibre2Fashion News Desk (DS)