Bad news and good
The cure for high gas and food prices is not higher prices. Demand much more inelastic for these goods. Much harder to absorb increases for key living staples and make demand changes in the sort run. I am all in favor of less inflation. Hope trend continues.
"What’s more, it isn’t just the pundit class that is taking notice. The Wall Street Journal pointed out that 'all manner of raw-materials prices—corn, wheat, copper and more' seem to have peaked and have begun to decline."
For what it's worth - and you may have some special insight here - I was just shopping for round-trip airline tickets between Chicago (ORD) and Providence (PVD) and was pleasantly surprised to see the prices (for a late August flight) at half of what they were when I was looking a month back (and back within a "normal" range for when I've flown before - ~$300 round-trip). Don't know if that's inflation abating or something else going on in the airline industry, but I'm contemplating that vacation I thought I would have to put off when prices were around $600 for those same flights.