diff --git a/vyper/semantics/analysis/pre_typecheck.py b/vyper/semantics/analysis/pre_typecheck.py
index 98cfad06fb..2d8699753c 100644
--- a/vyper/semantics/analysis/pre_typecheck.py
+++ b/vyper/semantics/analysis/pre_typecheck.py
@@ -249,9 +249,6 @@ def visit_Dict(self, node):
 
     def visit_Index(self, node):
         self.visit(node.value)
-        index = get_folded_value(node.value)
-        if isinstance(index, vy_ast.Constant):
-            node._metadata["folded_value"] = index
 
     # repeated code for List and Tuple
     def _subscriptable_helper(self, node):
diff --git a/vyper/semantics/utils.py b/vyper/semantics/utils.py
index 0ffec4bd10..4f289ce98b 100644
--- a/vyper/semantics/utils.py
+++ b/vyper/semantics/utils.py
@@ -6,5 +6,8 @@
 def get_folded_value(node: vy_ast.VyperNode) -> Optional[vy_ast.VyperNode]:
     if isinstance(node, vy_ast.Constant):
         return node
+    elif isinstance(node, vy_ast.Index):
+        if isinstance(node.value, vy_ast.Constant):
+            return node.value
 
     return node._metadata.get("folded_value")