As the Red Sea crisis continues, pressure on consumer prices follows in its wake

When footage first appeared of Houthi rebels hijacking the cargo ship Galaxy Leader in the Red Sea last November, it sent shockwaves through the world of trade. The coordinated attack on the ship, which was partly owned by Israeli billionaire Abraham Ungar, was the start of a six-month campaign by Yemen-based militants to terrorise western vessels using the route, in response to the conflict in Gaza. The campaign has since escalated: vessels on the key shipping route are being targeted by missiles and drones, with the Houthis claiming 107 attacks. Three seafarers have been killed. The result has been a…