2026 Annual Scenario Planner – Commodity-based inflation

Inflation & Broad Commodities – 2026 Outlook

The Bloomberg Commodity structure referenced in your 2025 work suggests the base is not distributive but accumulative

MarketMap™ Timing Outlook for C…

Into March, commodities are projected to remain subdued.

From mid-June forward, inflation pressure should become visible in price action rather than narrative. Q3 (July–September) is projected to be the acceleration phase, with energy and industrial metals leading.

By September–October, CPI narratives are expected to shift materially toward renewed inflation concern.

A corrective phase into November is projected, but structural commodity strength should remain intact into 2027.

Annual Bias: Inflation impulse visible mid-year; strongest commodity trend Q3.