The latest TEG Road Transport Price Index data indicates a consistent downtrend in haulage and courier prices throughout February, with the overall price-per-mile dropping from 116.2 to 114.7, marking a decline of 1.5 points. This marks the second consecutive month of price deflation in the industry, a trend typically observed after peak season. Interestingly, average road freight prices are marginally lower than the previous year, despite prevailing inflationary pressures.
Courier prices experienced a notable month-on-month decrease, plummeting by -3.3 points to 119.2, the lowest recorded since April 2022. Conversely, haulage prices saw a slight increase of 1.8 points, reaching 111.5, marking the first February rise since the inception of the index in 2019, showcasing a month-on-month increase of 1.6% and a year-on-year increase of 4.0%.
Despite rising fuel prices, the road freight sector has witnessed a continued fall in prices post-peak season, underlining an anticipated upward trajectory in road transport prices in the coming months. Technological advancements, particularly in AI, are being leveraged to enhance road safety, with AI-enabled cameras deployed in police trials to detect driver offenses such as seatbelt infractions and mobile phone usage while driving.
Regarding fuel prices, a slight increase has been observed since January, attributed primarily to a surge in oil prices. However, current prices remain comparable to those of December 2023, with petrol at 142.16p per litre and diesel at 151.25p per litre in February. Despite the uptick, petrol prices remain 3.9% lower and diesel prices 10.8% lower than February 2023.
Fleet operators are urged to remain vigilant about Driver Certificate of Professional Competence (CPC) renewals, given that nearly half a million driver qualification cards (DQCs) are set to expire this year. Planning ahead for training is essential to avoid potential disruptions and ensure compliance.