While the debate between inflation vs deflation continues, I'd prefer to focus on the data and the price action, We've seen a lot of inflation in the data, which has been reflected across the commodity complex. The 2 laggards have been Coffee and Natural Gas.
Now this may well roll over as growth slows in Q3 (mathematically it has to)..but given another CTRL - Alt - Print from the Fed let's see the impact on USD and if we get continuation in upward trending commodities.
Personally I'm in the 'inflation is stickier than the central banks may think' camp....for now.