President Joe Biden said shipping costs are major part of inflation.

In a tweet on Thursday (June 9), Biden said one of the reasons prices have gone up is because a handful of companies who control the market have raised shipping prices by as much as 1,000%.

“It’s outrageous — and I’m calling on Congress to crack down on them,” he said.

In a minute and a half long video released with the president’s message, he said there are just nine shipping companies transporting goods between Asia and the United States.

He said they have raised prices by as much as 1,000% to transport containers across the Pacific.

“One of the big reasons prices are going up is the cost of shipping things across the Pacific,” the president said.
Source: The Edge Markets