It even surpassed the 2022 peak, when the war in Ukraine caused energy and grain prices to spike.

The difference is that the current rise is broad-based, rather than driven by a concentrated supply shock.

Simultaneous increases in metals, energy, and agricultural commodities typically signal a cycle rather than a one-off event.

For Brazil, this means favorable terms of trade and support for the exchange rate.

For the global economy, it represents an additional variable in the path toward disinflation.