Also, even in these difficult conditions, the current account deficit is fully covered by net FDI inflows for the eighth year in a row. Globally, we expect that further supply-chain normalisation, easing of geopolitical tensions and restrictive monetary policies will bring about continued gradual moderation of global inflationary pressures. Pressures first began to ease as global supply chains normalised.
According to the Global Supply Chain Pressure Index (GSCPI), produced by the Federal Reserve Bank of New York, the normalisation that began back in early 2022 continued throughout the year. Sea freight rates, which in late 2021 exceeded the pre-pandemic figure by around five times, were only somewhat above that level in late 2022, with cost-push pressures on this account waning.