Freight cost for basic commodities such as iron ore or grains surged on Friday to a fresh all-time high, placing new inflationary pressures on the countries which import large amounts of natural resources such as China and India.

The Baltic Dry Index of shipping costs rose on Friday to 11,459 points – a 3.5 per cent rise on the day –, surpassing its previous peak of 11,039 points last November, boosted by a combination of strong demand for commodities and port traffic jams.