Above is a weekly chart of the overall commodity index for the last three years. While heavily weighted towards oil, other commodities are represented in the numbers. What's important on the above chart is the incredibly weak price pressure the economy is receiving from the commodities complex overall. This ETF has printed successively lower highs over the last two years. Momentum is weak and there is little meaningful volume inflow driving prices higher.
In short, there is nothing on the chart to indicate commodity inflation is in the cards for the foreseeable future.