Anyone who thinks we have turned the corner on Bidenflation – and we know that includes at least half the economist in Washington – should have their head examined.

According to the website Trading Economics, the index of commodities- from corn to copper to heating oil and a good forward looking indicator on consumer prices – just hit its highest level in 13 years!

The CRB Commodity Index rose to 350 Tuesday reaching May 2011 levels, driven by heightened geopolitical tensions in the middle east and crude oil supply constraints from OPEC+ production cuts. Additionally, demand for gold, copper and silver is rising, while supply is tightening.

Economists anticipate a “super bull” phase for commodities and that will keep its prices elevated for the next 12 months. Among some of the index components, gold was up by 15% year-to-date, silver by 36%, crude oil by 10% and wheat by 16% YTD.

Commodity prices flow inevitably down the supply chain to higher consumer prices. Our best bet is that 2024 could end up with an inflation rate of 4.5 to 5%.

Our second bet is that Biden will blame this on Trump or corporate greed.