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Market and Business Update - May 2024

Date: 24 May 2024

Marginally Increasing Commodity Prices Driven by Geopolitical Crises and Extreme Weather Events

The Red Sea crisis still prolongs the Far-East Westbound transit times due to the vessels rerouting via the Cape of Good Hope, driving up the global container price index. The world food price index is on a marginally upward trend into Q3 and Q4 2024 affected by increasing freight rates. At the same time, prices for poultry, eggs, rapeseed oil and coffee are on the rise, impacted by outbreaks of avian influenza, increased demand and flooding in Brazil.

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