Truckload linehaul and intermodal rates both posted big gains in October compared to a year earlier, according to newly released figures from the business intelligence service provider Cass Information Systems.

In October, the Cass Truckload Linehaul Index rose 7.3% year-over-year as rates continue heading upward.

The combination of increasing demand and capacity shortages will continue to push the index higher as effects from this year’s new contract pricing are filtering into the market, according to the investment firm Avondale Partners, which provides analysis of the report.

“As a result, although spot market pricing has decelerated somewhat, it remains strong. We are not surprised to see our index continue to post mid-to-high single digit gains and we expect this to continue through the fourth quarter of 2014,” said Avondale. “We continue to expect contract truckload pricing to rise 4% to 6% in 2014, with the higher end looking increasingly likely.”

Total intermodal pricing, as reflected in the Cass Intermodal Price Index, rose 3.9% year over year in October.

This was a 4.8% increase over September levels. Tt appears that intermodal rates could increase at a low single digit pace in 2014 due to a continuing tightening of the truckload environment, according to Avondale.

“We would note that even with diesel prices falling in recent weeks, our 'all-in' index continues to accelerate in the near term, showing that base rates are improving at a rate that surpasses the lag due to fuel pricing,” said Avondale.

They expect the intermodal space to remain competitive, but that costs will increase as more long-haul carriers move into shorter lengths of haul and the truckload market continues to tighten.

The Cass Intermodal Price Index is an indicator of market fluctuations in per-mile U.S. domestic intermodal costs that includes all costs associated with the move, such as linehaul, fuel and accessorials.

The Cass Truckload Linehaul Index is indicator of market changes in per-mile truckload pricing that isolates the linehaul component of full truckload costs from other components, such as fuel and accessorials, providing a reflection of trends in baseline truckload prices.

Data within both are derived from actual freight invoices paid on behalf of Cass Information Systems’ clients, which totaled over $23 billion in 2013.