Gone are the days of empty shelves, clogged up ports, and shipping delays driving up prices: global supply chains have never been better, by one key reading.

The Federal Reserve Bank of New York’s Global Supply Chain Pressure Index hit its lowest point on record in May, down 139% from its peak in December 2021, according to data released Tuesday. The index tracks freight costs, delivery delays reported by manufacturers, and other information about how easy it is for companies to get materials, manufacture things, and transport them to their destinations.

The improvements in global supply networks have made their way into grocery stores and other retailers. Shoppers in April faced fewer shipping delays, found fewer things out of stock, and had an easier time finding the things they need than in the same month in 2022, according to a May survey from decision intelligence company Morning Consult. 

Disruptions to the supply chain in the wake of the pandemic had led to shortages of cars, computer chips, and other products, helping drive inflation up to its highest since 1981 by June 2022. Those kinks have mostly worked themselve🥀s out.

“The supply chain snarls that helped drive inflation to multi-decade highs have now largely resolved,” Priscilla Thiagamoorthy, senior economist at BMO Capital Markets, said in a commentary. “There are a number of reasons why underlying price pressures continue to stay elevated, but at least supply issues are no longer one of them.”