Today's Flash PMIs confirmed that order backlogs peaked in summer 2021 and have plummeted over the last 8 months. Output prices were following suit until Russia invaded Ukraine, but have come down sharply since April as backlogs continue to fall. In fact, underlying inflation pressures in manufacturing peaked a year ago.
(Note: G4 means weighted average of US, UK, Euro Area and Japan Manufacturing PMI's - using Flash PMI where PMI not yet released).