Commodity Weakness Destroys the Inflationists’ Narrative

Canola has become one of the world's most important oilseed crops and the most profitable commodity for Canadian farmers. The Canadian Press/Jeff McIntosh

Commentary

Most politicians have used the “Ukraine invasion card” to justify the massive inflationary burst in 2021–23. It does not matter if inflation was already elevated prior to the war. Supply-chain disruptions, demand recovery, wage growth... Many excuses were used to justify inflation, except the only one that can make aggregate prices rise in unison, which is the creation of more units of currency well above demand.