Renewed pressures on global supply chains could weaken the inflation-easing effect on goods prices in the US that previously benefited from logistical normalization. Data from the New York Federal Reserve shows that the global supply chain stress index rose to 1.28 in September from 1.20 in August, marking the second consecutive monthly increase, but still below May's 1.81. Core goods prices in the US, excluding used cars, rose approximately 0.25% month-over-month in September, the largest increase since February 2025. Tariffs, transportation costs, and technology-related demand are exerting additional price pressures, and the inflation-easing effect of global supply chain normalization is fading.
