Improved global supply chains are also helping. Supply bottlenecks and backlogs lasted far longer than we expected, but they are finally resolving (Chart 6). Global shipping costs have come down, which is filtering through to lower prices for imported goods.
Chart 6: Inflationary pressures from supply bottlenecks are easing GSCPI and PMI: Manufacturing suppliers’ delivery times, monthly data Index  Index  8  10  6  20  4  30  2  40  0  50  -2 2017 2018 GSCPI (left scale) China (right scale)  2019  2020 2021 United States (right scale) Canada (right scale)  60 2022 2023 Euro area (right scale)  Note: The Global Supply Chain Pressure Index (GSCPI) provides a comprehensive summary of potential supply chain disruptions that controls for demand-side factors.