US Freight Prices Hit New Highs as Capacity Keeps Tightening

Freight transportation prices in the United States rose again in September 2026, according to the Logistics Managers' Index (LMI), a monthly survey of supply chain executives. The price index reached 92.7, up 2.7 percentage points from August, while transportation capacity fell to 34.4, in what the report described as a sharp contraction. Record-high diesel prices and stricter regulatory enforcement continue to constrain trucking capacity.

Transportation capacity has now logged ten consecutive months in contraction territory, according to the LMI. Transportation utilization, on the other hand, rose to 66.1, although at a pace 4.5 points slower than the previous month. Logistics managers surveyed expect the transportation market to remain extremely tight over the next twelve months, with future projections of 37.9 for capacity, 70.8 for utilization, and 86.1 for prices.

Inventory levels rose 6.1 points to 58.9, keeping inventory costs elevated at 79.9, 1.3 points above August. The rise in inventories put pressure on warehousing capacity, which dropped 14.2 points to 39.3 and moved into contraction, the fastest rate of decline in warehouse space since March 2022. As a result, aggregate logistics costs, which combine inventory, warehousing, and transportation, totaled 246.1 for the month, 2.5 points higher than the previous month and the highest level for this metric since April 2022.

The trend was also reflected in the trucking spot market: US truckload spot rates rose again during the week of October 12, 2026, following the summer slump, with increases across dry van, refrigerated, and flatbed segments, as trucking capacity continues to withdraw from the spot market.