There appears to be some relief in sight for importers and eventually consumers, as there are signs that the costs of containers across major shipping routes are plunging, The Economist is reporting.

Analysts believe it may mean some relief for global inflation.

The market rate correction comes after pandemic-related supply-chain issues drove container prices through the roof, with pressure exerted on markets through shipping of everything from raw materials to manufacturers, right through to finished goods to suppliers.

This summer, the Federal Reserve Bank of New York indicated that about 40 per cent of price rises between 2019 and 2021 were supply-chain related.

The Drewry World Container Index, which measures the price of a range of 40ft containers across major shipping routes, has declined by 61 per cent year on year.

Observers say shortages and bottlenecks that slowed global maritime trade through the pandemic are now falling away, explained, they say, by a slowing global economy.

It includes the reduction in American purchasing of imports, part of the fall in consumer demand by as much as 20 per cent.

In the year to the end of September, prices on key routes fell more than 60 per cent from over $10,000 to about $4,000 — including down some $2,000 since August.

Will the reduction in supply-chain issues and the rate correction for containers bring inflation back to normal levels?

A review by the Bank for International Settlements says it could be the difference in American inflation remaining above 3 per cent or falling to about 2 per cent in 2024.