The UK’s Office for National Statistics (ONS) provided the statistics, which covered the period from mid-December to early April.
It is significant because it illustrates the extent of supply disruption caused by Iran-backed Houthi forces opening fire on ships in the final days of the previous year, which closed the manmade canal that connected the Red Sea and the Mediterranean Sea.
Concerns have been raised that rising insurance, fuel, and wage prices could ignite a new cycle of inflation as people move to Europe instead of places like China, the world’s largest manufacturing nation, near the southern point of Africa.
Although there isn’t yet any concrete evidence of the impact of price hikes on the UK economy, the Bank of England is one of the organizations keeping an eye on the matter because many businesses are reporting negative effects from rising expenses.
As the disruption intensified in the early part of this year, container prices, for instance, increased by almost 300%.
