Truck driver shortage sends shipping costs sky-high | CNN Money

Companies paid about 6% more for trucking in April than a year ago, the fastest growth in almost seven years, according to the Labor Department.

Thomas Bene, chief executive of the food services company Sysco (SYY), told analysts last week that freight costs are “somewhat challenging” and “everyone is seeing that.”

Tyson Foods (TSN) CEO Tom Hayes said his company anticipates an additional $250 million in shipping expenses this year. The company took early steps to blunt the impact but still expects to pass some of the costs on to consumers.

“Product prices must reflect the true cost because we cannot subsidize the increased freight,” he said.

148 companies in the S&P 500 have mentioned “freight,” “shipping,” or “trucking” on their earnings calls during the last four months — double the number from a year ago, financial research platform Sentieo found.

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Truck driver shortage sends shipping costs sky-high.