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February 2024 data from the TEG Road Transport Price Index has revealed a continued downtrend in haulage and courier prices in the UK. Over the course of the month, the overall price-per-mile for haulage and courier vehicles dropped from 116.2 to 114.7 - a decrease of 1.5 points. This marks the second consecutive month of price deflation across the industry. This is typical in the aftermath of peak season, with overall prices falling in February every year since the index began.
Average road freight prices are slightly lower than in February 2023, although only by 0.1 points. It’s interesting to note these consistent year-on-year prices despite inflation.
Courier prices have decreased month-on-month, moving -3.3 points to reach 119.2. These are the lowest courier prices since April 2022. However, haulage prices have increased by 1.8 points, rising to 111.5. This is an increase of 1.6% month-on-month and 4.0% year-on-year, marking the first time haulage prices have risen in February since the index first started recording in 2019.
The TEG Road Transport Price Index provides a monthly overview of the price-per-mile cost for vehicles used in the UK's haulage and courier industry. This index considers various factors, including supply and demand levels as affected by Brexit, Covid-19, driver shortages, and other economic factors.
Stay up-to-date on the latest trends and pricing in the UK's road transport industry by following the TEG Road Transport Price Index.
The TEG Road Transport Index: Accurate Tracking of Price per Mile
The TEG Road Transport Index is a comprehensive tool that uses an arithmetic weighting system to track changes in Price per Mile (PPM) each month. The index is based on a January 2019 baseline and uses the Paasche formula to apply weighting according to the mileage mix from each vehicle type. This ensures that each month's PPM is compared accurately with the base month. Stay informed with the industry's leading metric for transportation costs.
The data is gathered, anonymised, and aggregated from over two million spot market loads transacted across the TEG platforms, before being validated, analysed and published.
PPM = (sum order values) / (sum order miles)
Sample size is circa 2m orders per annum across c. 8,000 participants.
Data ID: A3, B3, C3