Costs are beginning to fall throughout US supply chains, easing inflationary pressures even as importers voice concern that fresh disruptions related to Covid-19 in China may yet bring further trouble.

Higher logistics costs, which companies largely passed on to customers, presented one of the pandemic’s greatest business challenges and helped to power a historic run-up in consumer prices from the start of 2021 until the middle of this year. Backed-up ports, a shortage of truck drivers and scarce warehouse space that left some stores short of inventory defined last year’s peak Christmas retail season.

This year those problems have started to fade. Wholesale prices for transport and logistics are in retreat after peaking last summer. Some members of the Federal Reserve discussed an “easing of supply constraints” as they assessed inflation at their latest monetary policy meeting, minutes showed.