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In this month's ISM commodities survey, respondents said they saw price increases in five commodities and price decreases in six, for a net of minus one. Below we have updated our chart which shows the relationship between the ISM commodities survey and the CPI. Historically, trends in the CPI have been preceded by the ISM survey. If this month's survey is any indication, then the up tick we saw in December's CPI report will prove to be short-lived.

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y/y cpi vs. commodities