Supply-chain bottlenecks in global shipping and semiconductor markets are adding to near-term pressures on inflation, amplifying the impact of higher commodity prices and base effects from price falls in spring last year, said Fitch Ratings in its latest Economics Dashboard. Global manufacturing demand is recovering strongly, reflecting buoyant demand for electronics and other durable goods from homebound consumers, surprisingly resilient private-sector investment in the US, and the recovery in China. According to Fitch Ratings, world trade has recovered more rapidly than expected and, in combination with dislocations in the container shipping sector as a result of the pandemic, shipping freight costs have soared since November. Container ship charter rates have increased fourfold on some routes. The recent temporary closure of the Suez Canal has intensified bottlenecks. Global semiconductor industries are also struggling to meet rapidly expanding demand. Supply delays have reached record levels, according to some business surveys.
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