with price stability. Because stable prices are essential to maximum long-term economic growth and living standards, the … first examines the behavior of inflation over the past year, showing that sharp increases in food and energy prices caused … most overall inflation measures to rise, while inflation in nonfood and nonenergy prices slowed. Second, he shows that …

This study examines the empirical relationship between changes in commodity prices and inflation by looking at the … performance of non-oil commodity prices as stand-alone indicators of inflation and in conjunction with other leading indicators of … inflation. The results indicate that the empirical link between commodity prices and inflation has changed dramatically over …

inflation expectations were well above zero. Yet in 1998, consumer prices rose at the lowest rate in over a decade, and any … observers point to large decreases in petroleum prices and other primary commodity prices, rapidly falling computer prices, and … moderate declines in U.S. nonoil import prices as possible signs of deflation.> Garner argues that last year's favorable …