Price increase in consumer goods expected after Houthi attacks

Economy

Published: 2023-12-17 15:28

Last Updated: 2024-02-25 10:56


Price increase in consumer goods expected after Houthi attacks
Price increase in consumer goods expected after Houthi attacks

Maritime transport and insurance logistics expert, Dr. Attorney Atef Al-Maaytah, stated that the Red Sea ports have been affected by Houthi attacks on ships navigating through the Red Sea, leading to the suspension of navigation towards the Bab el Mandeb Strait by major shipping companies..

Al-Maaytah stated that other shipping companies are following suit in halting navigation towards the Bab el Mandeb.

He added that the repercussions of suspending navigation in the Red Sea will push towards rerouting transport lines, resulting in increased transportation and insurance costs, as well as delayed arrival times, consequently leading to higher commodity prices.