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Here's an interesting report on commodity prices from Wachovia. They point out that surges in commodity prices are fairly common. In fact, that latest rally pales in comparison to some recent rallies. The report also includes the CRB Index adjusted for inflation (Exhibit 2), a chart I've run a few times here. Over the long haul, commodity prices have consistently underperformed inflation.

Posted by edelfenbein at May 6, 2008 10:06 AM