It’s not just truck drivers that are in short supply. So are truck trailers.
A shortage of trucks and truckers to drive them is the primary cause of the crisis at America’s ports. Inflation data released Tuesday shows that the prices of shipping and truck trailers are soaring.
The price of truck trailers jumped 6.6 percent in October compared with the month earlier, the largest ever monthly gain in Labor Department Producer Price Index records stretching back to 1981. Compared with a year ago, prices are up 19.7 percent, according to PPI data released Tuesday.
Heavy-duty truck trailers, rated for 10,000 pounds or more, rose in price by 7.8 percent in October and were up 19.5 percent compared with a year ago, both new record gains.
Trucking prices are soaring as well. The price of general freight trucking jumped 3.5 percent in October, also a record high. Compared with a year ago, the general freight index is up 18.4 percent, second only to May’s annual gain of 19.9 percent.
The price of local freight trucking was up 6.9 percent from a month earlier and a record-shattering 19.3 percent compared with a year ago.
Long-distance trucking costs rose 3.5 percent in October and were up 21.7 percent compared with last year.