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Saturday, July 20, 2024

Freight costs decline again in November, CGFI drops 2.8% in November, Fuel surcharges continue to rise.

Results published today by the Canadian General Freight Index (CGFI) indicate that after several months of steady increases, the cost of ground transportation for Canadian Shippers dropped for the second consecutive month in November.

The CGFI Total Freight Cost Index decreased by 2.8% in November compared to October, while the Base Rate Index, which excludes the impact of Fuel Surcharges assessed by carriers, decreased 3.1%.  The CGFI is still 4.5% above the April low point and 2.8% above last year’s result for the same period.

Notably, average Fuel Surcharges continued to increase for the second consecutive month from their September low of 13.0% to 14.4% in November.

“We are seeing some interesting changes in Transportation Costs for Canadian shippers,” comments Doug Payne, President & COO Nulogx.  “The cost increases we saw predominantly in the Domestic Truckload sector definitely cooled in the fall months, while at the same time Fuel Surcharges have started to increase.  Both of these developments create some uncertainty around freight costs in Canada over the next few months” adds Payne.

For full details on the CGFI please visit: www.cgfi.ca