The latest data from the Global PMI Commodity Price & Supply Indicators by S&P Global indicated that manufacturers worldwide continued to see sustained price and supply pressures in April. In both cases, price increases and supply delays have risen in terms of rate of growth and incidence again in recent months, after showing some signs of easing in the second half of last year, amid the twin shocks of the Ukraine war and new COIVID-19 lockdowns in mainland China.
That said, diverging from the worsening trend for all items, semiconductor price pressures and supply shortages either receded or stayed little changed in April. Shortages of semiconductors eased from around eight times the long-run average in March to under seven times the normal level, while price pressures were almost unchanged at around 20 times the normal level. Although these remained elevated at many times their long-run averages to indicate sustained pressures, they have clearly departed from the heights registered in mid-2021 and early-2022.
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