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I agree with both of you. High transportation costs and weak dollar are both effects. Then you also have the unprecedented situation of leveraged hedge fund money and sovereign wealth funds pushing the prices of commodities up in general. Oh, and greater demand by a rising worldwide middle class especially in eastern asia. There are also the ideas most recently popularized by writers such as Matthew Simmons and Jim Rogers which have probably influenced mnay investors. Throw Boone Pickens in there too.
Some items are actually decreasing in price though. Electronics, clothing, housing.
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