Commodities lurched into over a decade-long slump, after the Great Financial Crises (GFC), that started in 2008 and ended at the peak of the pandemic in 2020. Broader diversified commodity indices like the CRB fell by over 70% during this period. Little wonder that global inflation remained subdued during the period. Moreover, higher commodity prices because of a multi-year bull run before the GFC led to excesses in capex that resulted in supply overhangs for many years.
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