This time it is the inflation bubble, particularly in commodities.

FORBES: The Fed Is Wrong, Inflation Is Here

Then again, as the Bank of England has reminded us, it has often been "special factors" pushing inflation up in the past few years - particularly, big changes in the price of oil and other commodities.

BBC: Wet weather helps Bank's inflation forecast

Speaking at the Bloomberg Link Inflation Conference, portfolio managers Lincoln Ellis of Linn Group and Jennifer Fan of Arrowhawk Capital, along with MIT Professor Roberto Rigobon, made the case for a new normal in the commodities complex, particularly as it relates to food and agricultural products.

FORBES: Highly Leveraged Agriculture Will Keep Food Prices Volatile And High