Cathay Cargo Halt to Hit Hong Kong Prices, Morning Post Reports

(Bloomberg) -- Hong Kong consumers will face higher prices for fresh produce, daily necessities and electrical goods over the coming weeks as a result of Cathay Pacific Airways Ltd.’s long-haul cargo flight halt, the South China Morning Post reported on Saturday.

Consumers will experience food and product shortages in the next two to three weeks, especially seafood and vegetables, the report cited Gary Lau Ho-yin, chairman of the Hong Kong Association of Freight Forwarding and Logistics, as saying. Lau said shipping costs are set to surge as much as 30% during the period and will be passed on to consumers, according the report.

Cathay said on Thursday that it was suspending long-haul cargo and cargo-only passenger flights for a week, after the government increased quarantine time for aircrew to seven days from three.

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