Cannot Navigate Down in Menus with Xbox Controller

When using an Xbox controller, movement works well. However, in menus/inventory/skills/etc. I cannot go down with the control stick. I can move down diagonally, but not directly down. I have tested the controller with both the Steam Input test tool and in other games with no issues. This only emerged a couple of days ago.

Fortunately, I can move fine, so it isn't affecting anything in fights, but it severely slows down navigating the UI since I have to rely on the d-pad inputs for this now.

I have tried both 'Steam Input for Xbox Controllers' and just the built-in support. No driver updates available either.