While supply chain disruptions have significantly diminished over the course of 2022, the reversion of the index toward a normal historical range has paused over the past three months. Our analysis attributes the recent pause largely to the pandemic in China amid an easing of «Zero COVID» policies.

Haulage rates have risen steadily by around 5% over 15 months, driven by a mix of economic recovery, global supply chain bottlenecks, rising costs and scarce capacity — particularly of drivers