Half hour of truth

Is it time to write obituaries for inflation? It might seem so, to judge by commodity prices. Oil is at a five-month low, 17% below its peak; copper is down 8%; and the share prices of the mining companies are off by up to 25%. The reasoning is straightforward - raw materials have been the most visible source of general inflation, their prices are now declining, so inflation will follow. It could work out that way, especially if the direst forecasts for economic slowdowns in the US and elsewhere...