Accordingly, I do not believe that the recent spike in commodity prices is, primarily, attributable to increased globalaggregate demand, underpinned by robust economic growth.
If I believed commodity prices are rising because of robust economic growth and strong globalaggregate demand, I might conclude that the commodity price increases were a net positive.
Perhaps the best way to determine China's impact on world inflation is to gauge whether its net impact is to increase aggregateglobal demand or supply.