Depends on the commodities you're referring to. I'm assuming you're a goldbug, since you debate like one.
Remember 2007-2008? Remember the price inflation? Remember the economic deflation?
Price inflation does not always equal monetary inflation. It also occurs in many places during monetary deflation.
Remember when we were told that oil was going to $300/barrel, while precious metals were ready for a rocket ride?
It never happened, in fact, the opposite happened.
Why? Because most investors can't recognize the signs of a coming global recession.
China's real-estate bubble is that sign in our current times. It's massive...
The problems are actually a dim-witted trade war with China where most of the stuff comes from, helicopter money printed to give away in covid support and sanction policymaking numerous players doubt the reliability of the American-led system.