Just 9.7% of businesses in the transport and storage sector expect to increase the prices of their goods or services in September, according to the latest Office for National Statistics (ONS) Business Insights and Conditions Survey.
The figure is down from 15.8% in August and is the lowest among the major sectors covered by the survey.
It compares with 16.6% of manufacturing businesses and 19.7% of businesses in wholesale and retail that expect to raise prices in September. Across all sectors, the average is 14.1%.
The proportion of transport and storage businesses not considering a price increase has also risen, from 40.6% in August to 60.2% in September.
Among those transport and storage businesses considering price increases, transportation or haulage costs were the most commonly cited factor, at 24.3%, followed by energy prices at 22%.Finance costs were cited by 3.6% of businesses, down from 13.9% in August.
The latest figure for expected price increases is also significantly below the 41.1% recorded in May, when transport and storage businesses reported a sharp rise in pricing intentions.
The picture differs across other parts of the economy. In manufacturing, 16.6% of businesses expect to increase prices in September, down from 22.9% in August. Raw material prices were the most commonly cited factor, at 36.8%, followed by labour costs at 31.2%.
In wholesale and retail, 19.7% of businesses expect to increase prices, compared with 18.7% in August. Energy prices were cited by 25.6% of businesses, followed by transport or haulage costs at 24.3%, raw material prices at 23.9% and labour costs at 20.7%.
Commenting on the ONS survey, David Jinks, Parcelhero head of consumer research, said: “What’s striking about this month’s figures is that transport & storage – the sector that ultimately absorbs and passes on the country’s haulage and fuel costs – is the one showing the least appetite to raise its own prices.
“Just under one in ten transport and logistics firms expect to put prices up in September, and six in ten aren’t even considering it.
“That’s a real change of tone from earlier in the year, when energy and financing costs were squeezing margins hard.
“It’s also notable that when transport firms do think about raising prices, haulage costs and energy remain the biggest drivers - it’s their own cost base biting, not the broader inflationary pressures manufacturers are facing from raw materials and wages, or retailers are facing from energy and transport combined.
“Manufacturing tells the opposite story. Even though headline price expectations have eased, more manufacturers are actively weighing up increases than last month, driven by the relentless climb in raw material and labour costs.
“Retailers and wholesalers sit somewhere in between, juggling energy, transport and staffing costs all at once.
“For anyone shipping parcels or freight, or running a business that depends on stable delivery costs, this is good news.
“If the logistics sector itself isn’t planning to pass on higher prices, that should help keep a lid on delivery and haulage charges heading into the crucial pre-Christmas peak season – even as costs elsewhere in the supply chain continue to rise.”
