Brings to light the state of the global supply chain has returned to pre-pandemic levels. Thus, supply-side inflation will be reduced. But additional supply-side factors, such as restrictions on oil production, will still have an impact on inflation. Geopolitical issues could cause new supply chain bottlenecks. The accompanying graphic illustrates how supply-side constraints have significantly decreased. The graphic represents the Global Supply Chain Pressure Index (GSCPI) of the New York Fed, which is expressed in standard deviations from the mean value. This indicator combines information on production conditions and transportation cost data.