Over the weekend, crucial undersea cables providing internet access to parts of Asia were mysteriously cut, leading to internet outages in certain parts of the Middle East and Asia.
The initial news seems to have originated from a Microsoft announcement published on Sunday. The announcement reads, in part: “Starting at 05:45 UTC on 06 September 2025, network traffic traversing through the Middle East may experience increased latency due to undersea fiber cuts in the Red Sea.” Gizmodo reached out to the company for more information.
From the available reporting, much of which comes from the Associated Press, it’s still unclear who has actually been impacted. Netblocks, the internet monitoring service, claims that the cable cuts led to “degraded internet connectivity in multiple countries, including #Pakistan and #India; the incident is attributed to failures affecting the SMW4 and IMEWE cable systems near Jeddah, Saudi Arabia.”
The AP report notes that the Saudi government hasn’t acknowledged the outages, although Kuwait did announce damage to the FALCON GCX cable, which runs through the Red Sea. Internet access outside of that geographic region isn’t expected to be impacted, Microsoft said.
Some suspicion has apparently been thrown on Houthi rebel groups who have operated in the Red Sea for months, although AP notes that such groups have denied attacking the cables in the past. In March, three cables in the Red Sea were cut, and suspicion was cast on the Houthis. We still don’t know who was responsible for that incident. The Houthis say their military efforts are intended to disrupt Israel’s violent military campaign in Gaza.
In recent years, there’s been rising concern about damage to cables, and some onlookers see evidence of geopolitical sabotage. The International Cable Protection Committee (yes, there is such a thing) meets annually to discuss political and technical solutions to better bolster protections for the aquatic network of vital internet infrastructure.
Earlier this year, cable disruptions near the Baltics and Taiwan inspired accusations of intervention by America’s foes, NBC previously reported. That said, it’s also possible that cables are frequently being damaged unintentionally, sometimes by large ocean freighters or other environmental disturbances.
Israeli airstrikes hit Yemen’s capital, Sanaa, early on Sunday, just days after the country’s Iran-backed rebels fired cluster munitions toward Israel, according to a local media report.The rebel Houthi-run al-Masirah channel reported the strikes, the first to hit the rebel-held Sanaa since Aug. 17, when Israel said it targeted energy infrastructure it believed was used by the rebels. Israel has not confirmed Sunday’s attack.The Iran-backed Houthis have launched missiles and drones toward Israel and targeted ships in the Red Sea for more than 22 months. They say they are carrying out the attacks in solidarity with Palestinians amid the war in the Gaza Strip.They are usually intercepted before landing in Israel.An Israeli Air Force official, speaking on condition of anonymity in line with military regulations, said the projectile fired from Yemen towards Israel on Friday night marked a new threat. The missile was a cluster munition — a projectile that is supposed to detonate into multiple explosives.It was the first time the Houthis had launched a cluster bomb at Israel since the militant group began launching rockets towards Israel in 2023, the official said. The use of cluster bombs makes it harder for Israel to intercept and also represents additional technology provided to the Houthis by Iran, the official said.The Houthi attacks over the past two years have upended shipping in the Red Sea, through which about $1 trillion of goods passes each year.From November 2023 to December 2024, the Houthis targeted more than 100 ships with missiles and drones. The rebels stopped their attacks during a brief ceasefire in the war and later became the target of an intense, weekslong airstrike campaign ordered by U.S. President Donald Trump.In May, the United States announced a deal with the Houthis to end the airstrikes in return for an end to shipping attacks, although the rebel group said the agreement did not include halting attacks on targets it believed were aligned with Israel.
CAIRO —
Israeli airstrikes hit Yemen’s capital, Sanaa, early on Sunday, just days after the country’s Iran-backed rebels fired cluster munitions toward Israel, according to a local media report.
The rebel Houthi-run al-Masirah channel reported the strikes, the first to hit the rebel-held Sanaa since Aug. 17, when Israel said it targeted energy infrastructure it believed was used by the rebels. Israel has not confirmed Sunday’s attack.
The Iran-backed Houthis have launched missiles and drones toward Israel and targeted ships in the Red Sea for more than 22 months. They say they are carrying out the attacks in solidarity with Palestinians amid the war in the Gaza Strip.
They are usually intercepted before landing in Israel.
An Israeli Air Force official, speaking on condition of anonymity in line with military regulations, said the projectile fired from Yemen towards Israel on Friday night marked a new threat. The missile was a cluster munition — a projectile that is supposed to detonate into multiple explosives.
It was the first time the Houthis had launched a cluster bomb at Israel since the militant group began launching rockets towards Israel in 2023, the official said. The use of cluster bombs makes it harder for Israel to intercept and also represents additional technology provided to the Houthis by Iran, the official said.
The Houthi attacks over the past two years have upended shipping in the Red Sea, through which about $1 trillion of goods passes each year.
From November 2023 to December 2024, the Houthis targeted more than 100 ships with missiles and drones. The rebels stopped their attacks during a brief ceasefire in the war and later became the target of an intense, weekslong airstrike campaign ordered by U.S. President Donald Trump.
In May, the United States announced a deal with the Houthis to end the airstrikes in return for an end to shipping attacks, although the rebel group said the agreement did not include halting attacks on targets it believed were aligned with Israel.
Hosted by Jane Pauley. In our cover story, Robert Costa reports on the fallout from the Biden-Trump debate. Also: Erin Moriarty looks at the enduring fashion style of Carolyn Bessette Kennedy; Anthony Mason talks with Paul McCartney about recently-discovered photos taken by the former Beatle in 1964; David Martin interviews the crew of the USS Carney about their deployment in the Red Sea, where they engaged with missiles and drones fired by Houthi rebels supporting Hamas; Dr. Jon LaPook examines the distinctions between normal and abnormal aging; David Pogue discusses Americans’ declining trust in the Supreme Court; Faith Salie visits a contest teaching history lessons; and Luke Burbank spins into the origins of the newest Olympic sport, breaking.
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
For months, the U.S. Navy has operated out of the Red Sea at a pace not seen in decades, as the military responds to Houthi targeting of commercial ships. Norah ’O’Donnell reports.
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
Dubai, United Arab Emirates — Yemen’s Houthi rebels claim to have a new, hypersonic missile in their arsenal, Russia’s state media reported Thursday, potentially raising the stakes in their ongoing attacks on shipping in the Red Sea and surrounding waterways, which the group claims it is carrying out in response to Israel’s war on Hamas in the Gaza Strip.
The report by the state-run RIA Novosti news agency cited an unnamed official but provided no evidence for the claim. It comes as Moscow maintains an aggressively counter-Western foreign policy amid its grinding war on Ukraine.
However, the Houthis have for weeks hinted about “surprises” they plan for the battles at sea to counter the United States and its allies, which have so far been able to down any missile or bomb-carrying drone that comes near their warships in Mideast waters.
Meanwhile, Iran and the U.S. reportedly held indirect talks in Oman, the first in months amid their long-simmering tensions over Tehran’s rapidly advancing nuclear program and attacks by its proxies.
A truck carries a missile said by officials to be an Iranian-made Fattah hypersonic ballistic missile during an annual military parade in Tehran, Sept. 22, 2023.
AFP/Getty
Iran, the Houthis’ main benefactor, claims to have a hypersonic missile and is widely accused of arming the rebels with the missiles they now use. Adding a hypersonic missile to their arsenal could pose a more-formidable challenge to the air defense systems employed by America and its allies, including Israel.
“The group’s missile forces have successfully tested a missile that is capable of reaching speeds of up to Mach 8 and runs on solid fuel,” a military official close to the Houthis said, according to the RIA report. The Houthis “intend to begin manufacturing it for use during attacks in the Red Sea and the Gulf of Aden, as well as against targets in Israel.”
Mach 8 is eight times the speed of sound.
Russia has maintained close ties with Iran, relying on Iranian bomb-carrying drones to target Ukraine. Russian state media, particularly its Arabic-language services, have closely reported on Yemen’s yearslong civil war that pits the Iran-backed Houthis against forces of the internationally backed Yemeni government, supported by a Saudi-led coalition.
Hypersonic weapons, which fly at speeds higher than Mach 5, could pose crucial challenges to missile defense systems because of their speed and maneuverability.
The danger from a hypersonic missile depends on how maneuverable it is. Ballistic missiles fly on a trajectory in which anti-missile systems like the U.S.-made Patriot can anticipate their path and intercept them. The more irregular the missile’s flight path, such as a hypersonic missile with the ability to change directions, the more difficult it becomes to intercept.
China is believed to be pursuing the weapons, as is America. Russia claims it has already used them on the battlefield in Ukraine. However, speed and maneuverability isn’t a guarantee the missile will successfully strike a target. Ukraine’s air force in May said it shot down a Russian hypersonic Kinzhal missile with a Patriot battery.
In Yemen, Abdul Malik al-Houthi, the Houthi rebels’ secretive supreme leader, boasted about the rebels’ weapons efforts at the end of February.
“We have surprises that the enemies do not expect at all,” he warned at the time.
A week ago, he similarly warned: “What is coming is greater.”
“The enemy … will see the level of achievements of strategic importance that place our country in its capabilities among the limited and numbered countries in this world,” al-Houthi said, without elaborating.
After seizing Yemen’s capital, Sanaa, in 2014, the Houthis ransacked government arsenals, which held Soviet-era Scud missiles and other arms.
As the Saudi-led coalition entered Yemen’s conflict in 2015, the Houthis arsenal was increasingly targeted. Soon — and despite Yemen having no indigenous missile manufacturing infrastructure — newer missiles made their way into rebel hands.
Iran long has denied arming the Houthis, likely because of a yearslong United Nations arms embargo on the rebels. However, the U.S. and its allies have seized multiple arms shipments bound for the rebels in Mideast waters. Weapons experts as well have tied Houthi arms seized on the battlefield back to Iran.
Iran also now claims to have a hypersonic weapon. In June, Iran unveiled its Fattah, or “Conqueror” in Farsi, missile, which it described as being a hypersonic. It described another as being in development.
Iran’s mission to the U.N. did not respond to a request for comment Thursday, nor did the U.S. Navy’s Bahrain-based 5th Fleet, which patrols Mideast waterways.
Israel’s military — which also has come under Houthi fire since the war against Hamas erupted on Oct. 7 when Hamas-led militants attacked Israel, killing 1,200 people and taking 250 others hostage — declined to comment.
Also Thursday, The Financial Times reported that the U.S. and Iran held indirect talks in Oman in January “to end attacks on ships in the Red Sea.” The last known round of such talks had come last May.
Iran’s state-run IRNA news agency indirectly acknowledged the talks but insisted they were “merely limited to negotiations on lifting anti-Iran sanctions.”
The U.S. State Department did not immediately acknowledge the talks or comment.
The Houthis have attacked ships since November, saying they want to force Israel to end the war in Gaza, which has seen over 31,000 Palestinians killed in the besieged strip. The ships attacked, however, have increasingly had little or no connection to Israel, the U.S. or other nations involved in the war.
But the assaults have raised the profile of the Houthis, whose Zaydi people ruled a 1,000-year kingdom in Yemen up until 1962. Adding a new weapon to their arsenal would put more pressure on Israel after a cease-fire deal failed to take hold in Gaza before the Muslim holy month of Ramadan.
Earlier in March, a Houthi missile struck a commercial ship in the Gulf of Aden, killing three of its crew members and forcing survivors to abandon the vessel. It marked their first fatal attack by the Houthis on shipping.
Other recent Houthi actions include an attack last month on a cargo ship carrying fertilizer, the Rubymar, which later sank after drifting for several days, and the downing of an American drone worth tens of millions of dollars.
A new suspected Houthi attack targeted a ship in the Gulf of Aden on Thursday, but missed the vessel and caused no damage, the British military’s United Kingdom Maritime Trade Operations center said.
Fabian Hinz, a missile expert and research fellow at the International Institute for Strategic Studies, said he wouldn’t be surprised if Iran transferred a new, hypersonic weapon to the Houthis. However, the question is how maneuverable such a weapon would be at hypersonic speeds and whether it could hit moving targets, like ships in the Red Sea.
“I wouldn’t exclude the possibility that the Houthis have some system that has some maneuvering capability to some extent,” Hinz said. “It is also possible for the Iranians to transfer new stuff for the Houthis to test it.”
The U.S. military and its allies shot down a flurry of at least 28 drones in the Red Sea fired by Iranian-backed Houthi militants in Yemen early Saturday, the Pentagon said.
The drones were fired over an approximately four-hour period from about 4 a.m. to 8:20 a.m. local time, U.S. Central Command reported on social media.
There were no reports of commercial or naval vessels damaged in the assault, CENTCOM said.
U.K. Defense Secretary Grant Shapps posted video to social media early Saturday showing what he said was the British warship HMS Richmond using missiles to shoot down two Houthi drones.
“The UK and our allies will continue to take the action necessary to save lives and protect freedom of navigation,” Shapps wrote.
Houthi militants, who occupy vast swaths of Yemen, have since November launched dozens of attacks on ships in the Red Sea in a show of solidarity with the militant group Hamas in its war with Israel. The attacks have significantly disrupted international shipping routes.
A Houthi attack Wednesday killed at least three members of the crew on the Liberian-owned commercial ship True Confidence, according to defense officials, marking the first fatalities from one of the Houthi attacks since they started in November.
And last weekend, a British owned-ship which had been struck by a Houthi missile in February sank in the Red Sea, making it the first vessel to be destroyed by the Houthis since they began their attacks. The ship’s sinking was also believed to have severed three undersea telecommunication cables.
In response, the U.S. and U.K., with the support of coalition forces, have launched four rounds of airstrikes on Houthi military targets in Yemen dating back to mid-January.
The Biden administration earlier this year declared the Houthis to be a “specially designated global terrorist group,” reversing part of an earlier decision by the U.S. State Department in February 2021 that removed that designation.
Faris Tanyos is a news editor for CBSNews.com, where he writes and edits stories and tracks breaking news. He previously worked as a digital news producer at several local news stations up and down the West Coast.
John Dickerson reports on a deadly Houthi attack in the Red Sea, Nikki Haley’s departure from the 2024 race, and why a bipartisan bill to ban TikTok in the U.S. is picking up support.
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
A recent election in Iran installed more hard-liners in parliament, but that may not be what people want. Karim Sadjadpour, senior fellow at the Carnegie Endowment for International Peace, joins CBS News to assess the regime and its ambitions.
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
John Dickerson reports on the first moon landing attempt since 1972, charges against four people suspected of transporting Iranian-made weapons, and a widespread AT&T outage affecting cell service.
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
Dubai, United Arab Emirates — A suspected missile attack by Yemen’s Houthi rebels set a ship ablaze in the Gulf of Aden on Thursday as Israel intercepted what appeared to be another Houthi attack near the port city of Eilat, authorities said. The attacks come as the Iran-backed rebels escalate their assaults over Israel’s war against Hamas in the Gaza Strip.
The attack Thursday in the Gulf of Aden saw two missiles fired, the British military’s United Kingdom Maritime Trade Operations center said. It said the unnamed ship was ablaze, without elaborating.
Ship-tracking data analyzed by The Associated Press identified the vessel as a Palau-flagged cargo ship named Islander. It had been coming from Thailand bound for Egypt and previously sent out messages saying “SYRIAN CREW ON BOARD” to potentially avoid being targeted by the Houthis.
Getty/iStockphoto
“The missile attack lead to a fire onboard and coalition military assets were responding to the incident,” the private security firm Ambrey said.
The ship’s Liberian-listed owners could not be immediately reached for comment.
Israel intercepts missile headed for Red Sea port
Sirens sounded early Thursday morning over Eilat, followed by videos posted online of what appeared to be an interception in the sky overhead. The Israeli military later said the interception was carried out by its Arrow missile defense system.
Israel did not identify what the fire was, nor where it came from. However, the Arrow system intercepts long-range ballistic missiles with a warhead designed to destroy targets while they are in space.
The system “successfully intercepted a launch which was identified in the area of the Red Sea and was en route to Israel,” the Israeli military said. “The target did not cross into Israeli territory and did not pose a threat to civilians.”
The Houthis did not immediately claim either attack. They typically acknowledge assaults they conduct hours afterward.
Eilat, on the Red Sea, is a key port city of Israel. On Oct. 31, Houthis first claimed a missile-and-drone barrage targeting the city. The rebels have claimed other attacks targeting Eilat, which have caused no damage in the city.
Since November, the rebels have repeatedly targeted ships in the Red Sea and surrounding waters over Israel’s war against Hamas. They have frequently targeted vessels with tenuous or no clear links to Israel, imperiling shipping in a key route for trade among Asia, the Mideast and Europe. Those vessels have included at least one with cargo for Iran, the Houthis’ main benefactor.
Houthi attacks continue despite U.S.-led strikes in Yemen
Despite a month of U.S.-led airstrikes, Houthi rebels remain capable of launching significant attacks. This week, they seriously damaged a ship in a crucial strait and shot down an American drone worth tens of millions of dollars.
A U.S. defense official confirmed to CBS News that a Houthi surface to air missile downed a Reaper drone, adding that U.S. aircraft and coalition warships shot down 10 one-way suicide drones on Monday evening, as the U.S. carried out more strikes in Yemen, this time targeting a surface to air missile launch site and another drone that was being prepared for launch.
Over the weekend, CENTCOM said it had also carried out a self-defense strike in Yemen against a Houthi unmanned underwater vessel, the first time the U.S. has reported the Shiite Muslim rebels using an underwater drone since attacks in the Red Sea region started in October.
The Houthis have vowed to continue their attacks until Israel stops its combat operations in the Gaza Strip, which have enraged the wider Arab world and seen the Houthis gain international recognition.
On Wednesday, ships in the Red Sea off the Houthi-held port city of Hodeida in Yemen reported seeing an explosion, though all vessels in the area were said to be safe, the UKTMO said. The UKMTO earlier reported heavy drone activity in the area.
The U.S. State Department criticized “the reckless and indiscriminate attacks on civilian cargo ships by the Houthis” that have delayed humanitarian aid including food and medicine bound for Ethiopia, Sudan and Yemen. That includes the Sea Champion, a ship carrying corn and other aid to both Aden and Hodeida.
CBS News
“Contrary to what the Houthis may attempt to claim, their attacks do nothing to help the Palestinians,” State Department spokesperson Matthew Miller said in a statement. “Their actions are not bringing a single morsel of assistance or food to the Palestinian people.”
Vice Adm. Brad Cooper, deputy commander of CENTCOM, told “60 Minutes” that despite the ongoing attacks in the vital shipping lanes, it’s clear the U.S. military is degrading the Houthis’ capability.
“Every single day they attempt to attack us, we’re eliminating and disrupting them in ways that are meaningful, and I do believe have an impact,” he told Norah O’Donnell.
Cooper said he has an endgame in mind, which is “the restoration of the free flow of commerce and safe navigation in the Southern Red Sea,” but he didn’t say when that could be expected.
First, an inside look at the U.S. Navy response to Houthi Red Sea attacks. Then, a Trump fake elector in Wisconsin speaks out. And, Cillian Murphy: The 60 Minutes Interview.
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
For months, the U.S. Navy has operated out of the Red Sea at a pace not seen in decades, as the military responds to Houthi targeting of commercial ships. Norah ’O’Donnell reports.
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
Iranian support has been critical for the Houthis as they bombard commercial ships in the Red Sea, Vice Adm. Brad Cooper, deputy commander of U.S. Central Command, said in a recent “60 Minutes” interview.
The Houthis, a Shia militia from Yemen, have targeted at least 45 ships in recent months, disrupting crucial international shipping corridors, even as the U.S. Navy has moved into the Red Sea to push back against the group. They’re being aided by members of Iran’s elite Revolutionary Guard Corps, Cooper said.
“The Iranian Revolutionary Guard Corps is inside Yemen, and they are serving side by side with the Houthis, advising them and providing target information,” Cooper said.
That support goes back a decade, Cooper said, with Iran providing supplies to the Houthis for years.
“They’re resupplying them as we sit here right now at sea,” Cooper said. “We know this is happening. They’re advising them, and they’re providing target information. This is crystal clear.”
On Thursday, U.S. Central Command announced that on Jan. 28, a U.S. Coast Guard ship in the Arabian Sea seized weapons originating in Iran and bound for Houthi-controlled areas of Yemen. The boarding team found more than 200 packages containing medium-range ballistic missile components, explosives, unmanned underwater/surface vehicle components, military-grade communication and network equipment, anti-tank guided missile launcher assemblies and other military components.
“This is yet another example of Iran’s malign activity in the region,” Gen. Michael Erik Kurilla, CENTCOM commander, said in a statement. “Their continued supply of advanced conventional weapons to the Houthis is in direct violation of international law and continues to undermine the safety of international shipping and the free flow of commerce.”
Houthi attacks on ships began after war broke out in Israel and Gaza, even though President Biden had warned Iran and its allies to stay out of the conflict.
The Houthis, who seized Yemen’s capital in 2014 and now control about one third of the country, initially stated they would only shoot at ships linked to Israel, but the Houthis have fired at ships tied to dozens of nations. The U.S. government in January re-designated the Houthi movement as a terrorist organization as the group stepped up attacks in the Red Sea.
Amid the ongoing attacks, Norah O’Donnell headed to the Red Sea. She was the first journalist to report from the southern Red Sea in the air, on the water, and inside a U.S. military command center. Her full report on the Red Sea crisis is set to air on 60 Minutes on Feb. 18, 2024.
The U.S. is preparing for more strikes against Iran-backed militias, which continue to target U.S. troops, as well as military and commercial vessels in the Red Sea. A drone attack on Sunday hit a base in Syria used by U.S. troops. Holly Williams reports.
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
John Dickerson reports on the U.S. Navy shooting down missiles in the Red Sea, a standstill over a possible Senate border deal, and a political divide between Gen Z men and women.
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
U.S. Navy commanders told CBS News that the Navy hasn’t operated under fire in a weapons engagement zone, like it has in the Red Sea, since World War II. “CBS Evening News” anchor and managing editor Norah O’Donnell has more.
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
Carnival is rerouting 12 ships across seven brands that were scheduled to cruise through the Red Sea in May, joining an expanding list of companies bypassing the key transit route as attacks by Houthi militants persist.
Carnival said it made the decision to avoid the region after consulting with security experts and government authorities.
“The company has not seen an impact on booking trends due to the Red Sea situation and has no other Red Sea transits until November 2024,” Carnival stated. “The losses should be offset by higher-than-expected bookings, with booking volumes since November hitting an all-time high.”
The Miami-based cruise operator said the decision would impact is 2024 earnings by seven to eight cents a share, with most of the financial hit coming in the second quarter.
Earlier this month, Carnival rival Royal Caribbean said it had canceled two voyages in the Red Sea because of the safety concerns due to the attacks.
Numerous energy and shipping companies have halted traffic through the Red Sea because of missile and drone strikes on ships and oil tankers from areas controlled by the Houthis. The Iran-backed rebel group, based in Yemen, has said it is attacking ships that are supporting Israel’s war effort in Gaza.
Houthi attacks in December prompted BP to suspend oil shipments through the Red Sea, pushing oil prices higher in recent weeks, and resulted in a warning of possible product shortages by Ikea.
The group on January 26 fired a missile at a U.S. warship patrolling the Gulf of Aden, forcing it to shoot down the projectile, and also struck a British vessel as their aggressive attacks on maritime traffic continue. The attack marked a further escalation in the biggest confrontation at sea the U.S. Navy has seen in the Middle East in decades.
The U.S. military has launched airstrikes airstrikes against the Houthis since Jan. 11, after several weeks of attacks on commercial ships by the militant group.
Although experts have warned that an escalating conflict in the Red Sea and Suez Canal could drive up energy costs, for now the situation does not substantially alter the outlook for global inflation, according to EY senior economist, Lydia Boussour.
“However, a prolonged conflict with shipping costs staying as high through 2024 could add up to 0.7 percentage points to global inflation this year,” she said in a report to investors.
Goldman Sachs analysts note that global sea freight costs have jumped because of the shipping disruptions, but they don’t expect higher prices to feed through to consumers.
“[W]e see limited risk of such a resurgence because the rise in shipping costs is occurring against a relatively benign macro backdrop, reducing the scope for price increases to be amplified through the supply chain, and sea freight costs account for only a small share of the price of final consumption goods,” they wrote in a research note.
