Posted 4/11/2024, 4:00:00 PM
Rising Prices Across the Board: How Supply Chain Disruptions Drove Up Import Costs in 2022
- Import costs rose dramatically in 2021-2022 due to supply chain issues, increasing consumer prices
- Crop, metal, petroleum/oil imports had largest cost increases, 20-40% above 2020 levels
- Russia's oil production limits drove up global oil prices, impacting US gas and supply chain costs
- Metal manufacturing faced production cuts and tariffs, raising aluminum prices to 13-year high
- Agricultural imports also rose; price hikes from weather, Russia war directly impacted grocery bills
