A Federal Reserve Bank of New York index measuring global supply-chain stresses plummeted to a record low last month, indicating the bottlenecks that have helped fuel inflation in recent years may now be largely resolved.

The Global Supply Chain Pressure Index fell to -1.71 in May from -1.35 the month before, marking the lowest level on record in data stretching back to 1997, according to data published Tuesday. It peaked at 4.31 in December 2021.

“There were significant downward contributions from Great Britain backlogs and Taiwan delivery times. Euro Area delivery times and backlogs exhibited the largest sources of upward pressure in May,” the New York Fed said on its website. “Looking at the underlying data, readings for all regions tracked by the GSCPI are below their historical averages.”

The drop in the index, which includes 27 components ranging from measures of global shipping costs to responses from purchasing manager surveys, suggests the pressures on supply chains that began with the onset of the Covid-19 pandemic and contributed to rising inflation around the world have now abated.