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.