More than half of UK businesses say they have been hit by delays or rising costs from attacks on container vessels in the Red Sea.
Attacks on container ships, reportedly by Iran-backed Houthi rebels, are causing a ripple effect on the trade route towards the Suez Canal, which accounts for around 12% to 15% of the flow of world trade.
A survey of 1,000 businesses by the British Chambers of Commerce found that 55% of exporters reported feeling the effects of the disruption, with 53% of manufacturers and consumer-facing service firms such as retailers also affected.
Increased costs are a major issue, with some businesses reporting rises of 300% for container hire, while delays of up to three to four weeks to deliveries are being seen.
Knock-on effects include companies feeling the pinch in their cashflow or seeing shortages of crucial components.
William Bain, head of trade policy at the BCC, said it could lead to a delayed bump in inflation.
"There has been spare capacity in the shipping freight industry to respond to the difficulties, which has bought us some time.
"And recent ONS data also indicates the impact has yet to filter through to the UK economy, with inflation holding steady in January.
“But our research suggests that the longer the current situation persists, the more likely it is that the cost pressures will start to build."