This year has witnessed a rolling series of commodity price spikes thanks to supply constraints, surging demand and even some speculative activity. The number of the 34 raw materials on the Bloomberg Commodity Index with total returns of at least 25% over three months is at the highest since the middle of 2022, according to Bloomberg calculations. Those materials enjoying such robust returns are cocoa, copper, nickel, orange juice, silver, tin and zinc. The relatively broad-based rise in industrial metals is noteworthy and raises another question about just how benign the inflation outlook may be moving forward.