Photo: A ship transits the Suez Canal towards the Red Sea on January 10, 2024 in Ismailia, Egypt. (Photo by Sayed Hassan/Getty Images) A ship transits the Suez Canal towards the Red Sea on January 10, 2024 in Ismailia, Egypt. (Photo by Sayed Hassan/Getty Images)

Soaring shipping costs and a jump in oil prices are stoking worries about a revival of inflation pressures around the world.

Only days into a 2024 that was meant to be the year in which inflation dissipates, manufacturers and retailers are again juggling delays and facing higher expenses as persistent attacks by Houthi rebels in the Red Sea rattle a major shipping route through the Suez Canal. Ocean freight rates for goods from Asia to Europe have more than doubled over the past four weeks.

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