NEW YORK, Oct 6 (Reuters) - Supply chain pressures heated up modestly in September, a report said from the Federal Reserve Bank of New York on Tuesday.
The bank reported that its latest Global Supply Chain Pressure Index moved up to 1.28 in September versus the upwardly revised 1.20 seen in August. The release did not say what drove the recent performance of the index, which is designed to track how well global supply chains are functioning.
While September’s pressure level rose, supply chain pressures have nevertheless retreated from their most recent peak of 1.81 in May, which while elevated, was far below the 4.43 reading hit in December 2021, which captured the widespread disruptions caused by the COVID-19 pandemic.
Elevated supply chain pressures can be a contributor to rising inflation pressures. Fed officials raised their interest rate target last month and penciled in another increase for year end as part of a bid to help bring elevated price pressures back to the 2% target.
Reporting by Michael S. Derby; Editing by Chizu Nomiyama
