Freight shippers continue to pay a rising price.

As part of its monthy analysis of transportation volumes and costs, Cass Information System, with partner ACT Research, publishes a wide variety of metrics on freight trends. That includes a measure that Cass calls "Inferred Freight Rates." It is calculated by comparing shipment volumes for a period (across modes but weighted towards truckload shipping) with the overall freight expenditures for the same period.

So if shipments were up 5%, and expenditures were up 8%, there would an inferred rate increase of 3%.

A chart of inferred rate changes since 2012 through January 2022 is shown below:

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Source: Cass Information Systems

As can be seen, inferred have risen sharply since the end of 2020. After rising 23% in 2021, Cass Inferred Freight Rates where up another 30%+ in January year over year.

The inferred rates are also now at an all-time record, in bad news for shippers but good for carriers.

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