As tens of thousands of dockworkers enter day three on the picket lines in a historic U.S. port strike, analysts warn that a lengthy shutdown could impact consumer prices if it lasts beyond the next week or two.
14 critical ports from Maine to Texas are shut down due to the International Longshoremen’s Association union dockworkers who walked off the job early Tuesday, which accounts for more than half of U.S. container imports and facilitates the transport of an array of key consumer goods, including fresh produce.
ABC News' business correspondent Elizabeth Schulze told "Good Morning America" on Thursday that analysts predict Americans will start to see pressure on prices or possible shortages if the strikes continue another week or two.
The first place that would be hit is groceries, particularly fresh produce, which accounts for 75% of the nation's banana supply, according to the American Farm Bureau Federation. Those perishable foods would also mean retailers are unable to stock up ahead of time and thus see potential shortages.
MORE: Dockworkers hit picket lines in historic US port strike that could impact prices
There could also be a markup on alcohol prices with 80% of imported beer, wine and whiskey all coming through the East and Gulf Coast ports, per the AFBF.
The pharmaceutical industry has already begun making backup plans as a result of the port strikes, with ports in Virginia and South Carolina that import a massive supply of medications.
Novo Nordisk, the Danish manufacturer of popular weight loss drugs Ozempic and Wegovy, said they've started to move products using airfreight.
The U.S. Food and Drug Administration is also monitoring the strike and as of time of publication there has been no impact on access to medicines, medical devices or infant formula.
While some images have circulated of empty shelves at big box retailers like Costco where people have rushed to buy paper products, many retailers had time to prepare for this strike and there's no need for Americans to panic buy.
