Ben Farrell, the chief executive of CIPS, expressed concern, stating, "What is clear from our research is that there are a number of strategic challenges that are likely to disrupt the smooth flow of goods and services. These will present particular challenges for consumers, who are likely to be disproportionately impacted unless these issues are managed effectively."
The Chartered Institute of Procurement and Supply (CIPS) warned that household staples, including food and drink, could see price increases of up to 20% in 2025 due to several ongoing challenges affecting supply chains.
International shipping costs are rising as global freight companies are facing challenges in moving goods, prompting major shipping firms to re-route their vessels around the Cape of Good Hope, which is adding both cost and time to their journeys.
Tariffs imposed by Donald Trump on goods entering the US could further increase everyday product prices, with the CIPS highlighting the possibility of a 10% tariff on global imports.
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