Haulage prices are now at their highest rate for four years with average price-per-mile figures rising by 4.4 percentage points since February, according to a report from the Transport Exchange Group (TEG).

Its road transport price index revealed an overall price-per-mile increase of 1% in May, despite inflation finally hitting single digits at 8.7%.

The report said the index had risen by 1.2% year-on-year and May’s figures are the highest for the month since the index began in 2019.

Haulage prices have also shifted upwards slightly by 1.3% during the month, compared to courier prices which have almost hit a plateau with a minimal 0.2% change.

The results contrast with the start of 2023 when haulage prices were at their lowest level for almost two years.

The report said diesel price reductions were now picking up pace, with pump prices falling by 2.75% last month, seven times as fast as petrol prices.

It added that the government’s decision to allow longer trailers on the road should deliver a £1.4bn boost for the economy and potentially cut co2 emissions by 70,000 tonnes.

Lyall Cresswell, chief executive of Integra, said: “It’s great to see government support for the somewhat strained haulage and logistics industry.

“Allied with falling diesel prices and decreasing EV costs, the move to longer lorries could provide a real boost to the sector.

“Of course, a strong supply chain is important to the economy, and consumers depend upon the road transport network for their daily needs. So the government will be hoping that the road transport industry can help the economy towards more positive growth.”