Producer prices are continuing to surge – in Germany as strongly as not seen since 1975 (Slide 15) –, the global shortage of microchips is causing more and more production stoppages and the vaccination rates in many emerging economies remain at a level that imperils the resilience of global value chains.
A recent survey by the German Chambers of Industry and Commerce showed that only around a fifth of the close to 3,000 participating companies expected to see the situation ease before the end of this year.5 A majority anticipates that the shortages will last into next year.