One food manufacturer told ISM in October that diesel rates and the trucker shortage are pushing costs “to levels I have never seen.” The national diesel average is at $6.35 a gallon, up $2.63 from a year ago.
Starting this week, the FIE Input Cost Index will track U.S. on-highway diesel changes in our score’s freight component, alongside the Freightos Baltic Index, which covers ocean containers. Because ocean rates alone don’t capture what it costs to truck product between plants, warehouses, and retailers. (Past issues will keep their original scores.)
The index decreased five points this week. Raw material prices rose for the 25th straight month, though ISM’s Prices Paid reading eased in October, and food and beverage makers were among the 16 industries paying more. Soybeans fell 37 cents as harvest supply piled up, and corn, wheat, and boxed beef slipped too. Ocean freight dipped 1%, with port labor talks in Los Angeles and Long Beach running through November 5.
See this week’s score, the full component breakdown, and what to watch next week.
