Inflation - Yesterday's Story?

Economic headlines scream about rising inflation and we've certainly seen it's impact at the grocery aisle and at the pump. However, over the past month, a wide range of commodities, from aluminum to fertilizer to gold and oil, have experienced significant corrections, many of which have been greater than the bear market definition of a 20% decline. These price drops are indications these markets may have gotten ahead of themselves, and also are a signal that worldwide growth is now expected to be much weaker than originally anticipated. With slower growth we may begin to see muted inflation activity and the possibility, albeit faint, of deflation, which could end up being tomorrow's headline.