The latest TEG Index shows haulage and courier prices increased by 3.2 points in March 2024, reaching 117.7 points, and marking an increase of 2.9 points compared to March 2023.
Following the peak prices of the busy season in December, January, and February, road freight prices typically decline, but begin to rise again in March. While recent increases in haulage and courier prices were modest, year-on-year data shows a more significant rise, with haulage prices increasing by 4 points and courier prices by 1 point.
In its analysis of the latest data TEG said the recent Spring Budget announcements "offered positive support for the road freight sector, particularly with the freeze on fuel duty", and extending full expensing to leased vehicles and assets "will significantly support hauliers and other large vehicle drivers, especially those affected by higher interest rates".
However, Brexit-related concerns persist, TEG noted, particularly regarding post-Brexit border arrangements with the EU, causing apprehension among logistics professionals about potential delays and disruptions to the supply chain.