The combination of a massive commodity windfall and extremely loose monetary policy in advanced economies have channeled huge capital flows to these economies.

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Still, the combination of rising costs for commodity, labor, and transportation could weigh on company margins going forward.

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Investors have to hedge their bets against all three outcomes, which explains the apparently contradictory combination of rising equity and commodity prices, along with low bond yields.

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The Federal Reserve Bank of Kansas City, situated in the heart of America's farm country, concluded earlier this year that the surge in farmland prices had been driven by a combination of low interest rates and high commodity prices.

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Mr Flaherty could afford this combination of largesse and virtue because Canada is among the chief beneficiaries of the current boom in commodity prices.

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Analysts said the combination of all these factors was having a negative impact on Australia's growth and that if commodity prices do not improve it may hurt long-term growth.

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