The transport sector experienced the highest price-per-miler average across all vehicle types in September 2021, according to the TEG Road Transport Index.
The index, compiled by the Transport Exchange Group, shows that before stabilising in October, the sector experienced the highest price-per-mile average across all vehicle types in September 2021 — a 21.8-point increase compared to September 2019, and a 26.1-point increase on September 2020.
The price-per-mile average is currently at its second highest level in 34 months since data was first collected in January 2019.
Year-on-year (October 2020 to October 2021), the price-per-mile average across haulage and courier services increased by 24 points.
The index also reveals that the overall price-per-mile average hit its lowest point in May 2020, soon after the first UK lockdown began.
Lyall Cresswell, chief executive officer at Transport Exchange Group, said: “Demand for freight transport drivers and fleet capacity is unprecedented, with various factors meaning it will remain high for quite some time.
“We’ve been able to chart the rise in demand with our price-per-mile data and the TEG Road Transport Price Index will allow anyone to take the pulse of the industry.
“Based on the breadth and depth of this data, we believe that this is the most authoritative and real-time price index ever published in the UK road freight industry.
“Month-on-month, it will provide vital insight into the state of a market that’s integral to the UK’s economy.”
The index will be updated monthly, with a new report released on the third day of every month.
Kirsten Tisdale, director of logistics consultants Aricia Limited and Fellow of the Chartered Institute of Logistics and Transport, said: “The TEG Road Transport Price Index is one to watch going forward, as it is so real time in such a changeable supply chain environment.
“Any price index is influenced by several factors: underlying cost changes; availability/capacity of the market; and demand for the service.
“The key influencers for the TEG Road Transport Price Index have often been changes in the cost of diesel and demand levels for road transport.
“Driver pay will also have been an element contributing to the rise from Spring 2021 onwards, but it looks as if potential overheating of transport rates is now abating, although there may yet be further pent-up demand.”
TEG said the index has compiled data since January 2019 from more than four million aggregated and anonymised transactions (representing more than 8,000 member businesses).