The Signal Of Inflation Is Cooling Down in 2023
The pandemic of COVID-19 made huge impact on global supply chain including almost all the industries in the world. World container rates climbed more than 10 times during late 2020 to late 2022. Furniture Industry gets hit hard by shipping and supply problems as transport costs soar because of size of items.
Large size, bulky and heavy. Furniture has been one of the biggest casualties of the global shipping and supply chain crisis as costs to transport a sofa or table are much higher than a pocket-sized electrical component, such as laptop. Container costs forced all the consumer products to raise the prices, furniture industry is the worst.
Government was working hard to control the inflation by raising the interest rates, which limited the spending power to the reduce the inflation, it helped on the housing prices but it would not be going work for consumer goods until the global shipping rates drops.
The world greatest news in 2023 is nothing more than the global shipping rates starts falling from early this year. Said by Director of Oak Furniture Store & Sofas, Shan Lin, “we are so glad to see the international shipping rates coming down this year, most of the importers will be willing to pass the benefit to consumers, our company has reduced the prices on our product this year, this will help to reduce the inflation rates.”
- Shan Lin