The y-axis of this chart is defined to be the number of pieces of IMUs in stock at franchised distributors with publicly available inventory information and computed relative to a baseline measured in January 2020, similar to how the US Consumer Price Index is computed. For example, the IMU supply index for January 2021 indicates a 42 (normalized to 100) ratio of the baseline number of pieces of IMUs in stock distributors in January 2020, which indicates a decline of 58% as compared to the baseline. What is very intriguing is the sudden increase from a single-digit supply index, which indicates market-level shortages, to a 260 point index in December 2022, which represents 160% increase of IMU inventory at franchised distributors, as compared to the inventory level in January 2020.
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