Supply-chain stress gauges that spiked during the Covid-19 pandemic are rising again, driven by the energy crisis that has gripped the global economy in recent months. These indicators, which measure everything from shipping costs to supplier delivery times, are flashing warning signs reminiscent of the supply chain disruptions that helped fuel inflation worldwide.

The energy sector's turmoil has rippled through manufacturing, logistics, and production timelines across multiple industries. Higher energy costs increase operational expenses for freight companies, factories, and warehouses, creating bottlenecks that cascade through complex global supply networks. This comes as central banks have been working to bring inflation under control after the post-pandemic surge.

For policymakers, the resurgence in supply-chain stress adds another layer of complexity to their inflation-fighting efforts. The combination of persistent energy price pressures and tightening supply chains could reignite the inflationary pressures that central banks have spent months attempting to contain. Markets are already adjusting expectations for how long interest rates may need to stay elevated.