WELL, THAT WAS TRANSITORY...:

Commodities have largely erased last year's spike.

Amid all the mixed economic data and recession forecasts, some actual good news hit the wires Wednesday: UK gasoline prices have now erased the spike that followed Russia's invasion of Ukraine. That adds to the growing list of commodity prices that have settled near or below pre-invasion levels--a big disinflationary force. Here we will round up a few to highlight the shifts. It may take time for this improvement to flow through to consumer prices--and Consumer Price Index inflation data--but in time it should, easing one of 2022's primary fears.

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