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Inflation is unfortunately a more complex calculation than straight lining changes in commodity prices. The main reason why Asian inflation reported so far in July was up sequentially, despite commodities selling off, is wage inflation (see chart).

This is a secular "Trend" that needs to be understood. Particularly as the masses stare are the swan dive in commodity prices, which as of tomorrow, will be yesterday's news.
KM
Chinese Wage Inflation (Research Edge Chart)