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This month's 8.58% rally in the CRB Commodity Index was the tenth best monthly return in the index's history, and the best monthly performance since May 2009. So do large moves in the CRB Commodity Index signal higher inflation down the road? The table below highlights each month where the CRB Index rose more than 8% as well as the percent change in CPI over the next three, six, and twelve months. In the vast majority of circumstances, the change in CPI following large moves in the CRB Index was above average.

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Source: CRB Moves vs. Inflation