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.