The Global PMI Commodity Price Pressures Index rose to 1.4 in February (from 1.0 in January), marking the strongest global manufacturing input price pressures since July 2022 and the first reading above the long-run average in ten months.

• The February reading of 1.4 represented an increase from 1.0 in January and signaled the strongest reports of rising commodity prices since July 2022, indicating a renewed acceleration in global manufacturing input costs early in 2026.

• Eleven of the 26 monitored commodities registered price increases above the long-run trend, highlighting that price pressures were widespread across multiple input categories.

• Semiconductor prices recorded the most pronounced increase, with price pressures running about 10.8 times the long-run trend, representing the strongest semiconductor pricing pressure since November 2022.

• Electrical items experienced the sharpest increase in prices in just over three years, indicating significant cost increases across electronics-related manufacturing inputs.

• Industrial metals also showed elevated pricing pressure, with aluminium and copper registering above-average price increases and both indices reaching multi-year highs.

• The Global Supply Shortages Index rose to 0.9 in February, indicating that supply shortfalls were only slightly below the long-run average and at their highest level since June 2024.

• Transport capacity saw the most pronounced shortages, with freight availability reported to be in short supply nearly four times as often as usual, indicating tight logistics conditions.

• Electrical items and copper also experienced elevated supply shortages, with reported constraints roughly twice the long-run trend and reaching the highest levels in 30 months and 45 months respectively.