In contrast to the challenges faced in 2022, such as the inflation peak in June, 2023 saw incremental improvements. It wasn't a complete reversal, neither was it an extension of the prior year's trends. As a result, General Rate Increases (GRIs) recently announced at 5.9% for 2024 are still above the 4.9% the industry was used to seeing year after year from 2014 until 2022, but they are also not as elevated as the 6.9% GRIs of 2023.
As rates increase, shippers can’t ignore the need to prepare and find strategic ways to save on shipping. Some areas of the GRI, surcharges in particular, will be subject to double-digit increases in 2024, which could cause significant budgeting challenges if not accounted for and/or mitigated.
To help shippers prepare for 2024, this white paper examines: