The truckload cost index published by Cass Information Systems showed a 5.8% increase last month, continuing the overall pace of increases.
The announcement by Cass, which also publishes freight index reports, followed increased costs of 5.7% in April and 6% in March.
“With demand improving and capacity exiting the marketplace at a faster pace, the 2014 bid season (~70% of all contracts are negotiated in the first 4 months) has resulted in higher truckload costs for the shipper.”
Expenses fell 2.2% in May from April, similar to the historical sequential average after above-normal gains on that basis in the past five months.
The report also said intermodal costs rose 2.6% in May.