Commodity Price & Supply Indicators

Data Macro

Source: S&P Global
Source Link: https://www.pmi.spglobal.com/
Frequency: Monthly
Next Release(s): December 1st, 2025 11:00 AM

Latest Updates

The Global Price Pressures Index held steady at 0.5 in October 2025, showing continued subdued inflation in manufacturing inputs, while the Global Supply Shortages Index also remained unchanged at 0.5, indicating stable and below-average supply constraints.
- Semiconductors recorded the strongest price pressures, rising to the highest level since February 2023 and over five times the long-run average, highlighting a key outlier in an otherwise muted commodity landscape.
- Electrical items were among the few other commodities to see above-average price gains, while Oil, Polyethylene, and Polypropylene registered price declines.
- Only four of 26 tracked commodities reported price increases above their long-run norms, underscoring broadly stable input costs across the manufacturing sector.
- Supply shortages stayed muted for the 26th consecutive month, with shortfalls for most materials well below historical averages.
- Semiconductors were again the only commodity with above-average supply shortages, reaching their highest level in 16 months but still below the 2021 peaks.
- Overall, the report signaled that global manufacturing input markets remained balanced, with localized tightness in semiconductors offset by easing pressures elsewhere.
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The Global Price Pressures Index rose slightly to 0.5 in September 2025 (from 0.4 in August), while the Global Supply Shortages Index held steady at 0.5, with both remaining well below their long-run averages and signaling subdued pressures in global manufacturing.
- Only three of 26 tracked commodities saw above-average price increases, led by Semiconductors, which posted their fastest rise since April, while Electrical Items recorded the highest share of price reports in six months.
- Four commodities registered price declines, with Polyethylene falling for a sixth straight month, alongside Polypropylene, PVC, and Stainless Steel.
- Supply shortages were unchanged from August, remaining at about half their historical average, indicating broadly stable supply conditions.
- Transport was the only category to show above-average shortfalls, with shortages nearly four times the long-run norm.
- Overall, the data indicate that both price and supply pressures in global manufacturing remained muted at the end of the third quarter.
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The Global Price Pressures Index edged down to 0.4 in August 2025 (from 0.5 in July), the lowest since February 2024, while the Global Supply Shortages Index held steady at 0.5, remaining below the long-run trend for a second straight year.
- Only four of 26 tracked commodities reported above-average price increases, led by Semiconductors (highest since April), followed by Electrical Items, Aluminium, and Textiles.
- Six commodities saw price declines, most notably Polyethylene, Oil, Gas, and Energy, highlighting weakness in energy and chemicals segments.
- Supply shortages were unchanged from July, with only three of 20 items above long-run averages: Transport, Aluminium, and Stainless Steel.
- Overall, price pressures remain at their softest in 18 months, while muted supply shortfalls suggest broadly stable conditions in global manufacturing supply chains.
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The Global Price Pressures Index held steady at 0.5 in July, matching June’s level and indicating that global manufacturing input cost pressures remain around half the long-run average.
- Five of 26 tracked commodities saw slight price declines, led by Polyethylene, PVC, and Stainless Steel.
- Electrical Items and Semiconductors were the only categories with notable above-average price increases.
- The Global Supply Shortages Index fell to 0.5 from 0.6 in June, the lowest in four months.
- Transport shortages rose sharply, reaching the highest level since April 2023 and over 7× the long-run average.
- Shortages of Stainless Steel and Aluminium were also above trend, but most other commodities showed stable or easing supply conditions.
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The Global Price Pressures Index fell to 0.5 in June, down from 0.6 in May, marking a 16-month low and signaling further easing in global manufacturing input costs.
- Only 6 of 26 tracked commodities posted above-trend price increases, led by Electrical Items and Semiconductors, while chemicals like Polyethylene and Stainless Steel saw declines.
- The Global Supply Shortages Index held steady at 0.6, remaining below the long-run average for the 22nd consecutive month.
- Transport, Textiles, and Stainless Steel were the only commodities with above-average shortage mentions, with transport shortages at their highest since October 2024.
- Input price pressures remained muted outside the US, though future trends may shift with the expiration of the US tariff pause and rising metal tariffs.
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The Global Price Pressures Index fell sharply to 0.6 in May, down from 1.2 in April, marking the lowest level in 2025 and the first sub-trend reading in four months.
- Seven of 26 tracked commodities saw price declines, led by Polyethylene, Polypropylene, and Oil.
- Oil prices fell for the first time since October 2024 amid renewed global trade tensions.
- The Global Supply Shortages Index edged down to 0.6 from 0.7 in April, remaining muted.
- Aluminium shortages were nearly twice the long-run average and the highest since November 2022.
- Despite reported shortages, Aluminium price pressures were at their lowest since March 2024.
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The Global Price Pressures Index held steady at 1.2x in April, matching March’s 30-month high and indicating persistent above-average price pressures for global manufacturers.
- 24 of 26 monitored commodities showed rising prices, with Semiconductors leading at over 4x the long-run average, the highest since February 2024.
- Electrical Items, Packaging, Stainless Steel, and Timber also saw notable price increases.
- The Global Supply Shortages Index rose to 0.7x, its highest since July 2024 but still below the 1.0x average.
- Stainless Steel and PVC led the four commodities with above-average supply shortages.
- Polyethylene and Energy were among the few reporting price declines.
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Manufacturers signaled the strongest price pressures since September 2022 with the index at 1.2x in March, up from 1.0x in February.
- 14 of the 26 monitored commodities registering above-average reports of higher prices.
- Aluminium led the increase, with reported price pressures more than three times the usual level and the highest since May 2022.
- This was followed by Electrical Items, where reports of higher prices were just over two-and-a-half times the long-run trend.
- The Global Supply Shortages Index meanwhile edged down to 0.5x in March, from 0.6x in February, to signal that reported supply shortages were half the long-run average.
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Global price pressures increased to an 8-month high with the index rising from 0.8 to the long-run average of 1.0 in February. The Global Supply Shortages index was slightly higher by 0.1 ppts to 0.5.

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The S&P Global PMI Commodity Price & Supply Indicators showed mixed signals at the start of 2025. The Global Price Pressures Index edged up from 0.6 in December to 0.8 in January, marking its highest level since August 2024 though still remaining below the long-run average, with Electrical Items leading the increase at 2.5 times the usual price rise level.

Meanwhile, the Global Supply Shortages Index held steady at 0.5 in January, with PVC being the only commodity showing above-average shortages at twice the normal level, while semiconductor shortages fell to their lowest point since November 2019 and Electrical Items shortages reached a five-month low.

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In December, S&P’s measure of price pressures remained unchanged for the 4th month in a row at 0.6 while its supply shortage measure eased to 0.5, the lowest since September. With readings below 1.0, both indexes were below their long-term averages and reflecting generally normal supply conditions. Only three sectors saw supply conditions tighter than their long-term averages: Transport, Aluminium, and Food.

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