The price trend across the board is at an inflection point. If the central banks do indeed embark on a massive easing program to support the crashing economies and pump cheap money into the markets to kick-start the credit engine, then it is very likely that we will experience a second, much higher wave of inflation than we have seen recently. Many commodity prices are currently bottoming out and are likely to rise again massively when China in particular starts to hoard commodities again.
Weak currencies such as the euro, which are backed by nothing but consumer confidence, will then have less and less buying power to import what their economies need most: Energy and commodities. It would be a chance for Americans to prop up the dollar if a sensible government then introduces immense austerity measures and normalizes bloated budgets.