Not Just Oil

The Economist's commodity price index hit a new all time high of 227.2, up 5.5% in the latest month and up 28.4% in the latest 12 months. Note that this index does not include oil, so anyone who tells you that the commodity price boom reflects the alleged "peak oil" doesn't know what they're talking about. Interestingly, even industrial metals have risen during the latest month. Although the big winner remain food commodities -up 6.1% in the latest month, up 15% the latest 2 months and up 49% in the latest 12 months- , just as Jim Rogers have predicted.

This continued commodity price boom both reflects the general commodity boom cycle Rogers described in his book Hot Commodities and the accelerating inflation America and many other countries suffer from.