Changing consumer spending patterns and high prices have triggered a decline in revenues for one of states’ key funding sources at the same time as stock market volatility threatens income tax collections. “Across the board, you have higher costs, so that’s going to have to translate to higher freight rates,” Miller said. “We may have seen ocean spot rates come back to their pre-Covid levels. We’re not seeing that in domestic truck transportation. We’re not seeing that in domestic rail-freight prices, either.”
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