Freight going through the Suez Canal has dropped by 45 per cent in the two months since attacks by Yemen’s Houthis led shipping groups to divert freight, disrupting already strained maritime trading routes, according to UN agency UNCTAD, Reuters reports.

UNCTAD, the United Nations Conference on Trade and Development, which supports developing countries in global trade, warned of risks of higher inflation, uncertainty of food security and increased greenhouse gas emissions.

Shipping companies have diverted ships from the Red Sea since the Houthi movement began attacking vessels in what it says is support of Palestinians in Gaza. The United States and Britain have responded with air strikes against the Houthis.

The agency said 39 per cent fewer ships than at the start of December transited the canal, leading to a 45 per cent decline in freight tonnage.