Consider the following charts (the top three area daily; the bottom is weekly):
All prices are either declining or stable.
The only major ETF that is showing strength is the industrial metals ETF (this is a weekly chart):
This explains why non-food and energy prices are subtracting from prices:
This is one reason why overall inflation is so weak globally.
Commodity based inflation is so 70’s and 00’s. You need credit markets supplying liquidity to commodity traders. After 2011 that started fading away.
That said, US Inflation is on course to run at 2.2% this year as wage growth accelerates to 3%+ in 2018. The Great Moderation zombie rides for another couple of years.
If you believe the Great Wave theory of Inflation By David Fisher, inflation is tied to the rate of population growth. In particular a faster population growth creates a greater demand for commodities, for example the price of food, which leads to a need to raise wages and the cycle starts. Between low birth rates, as well as for energy the increased efficiency of us (residential electric demand is flat at best) combined with large supplies inflation in commodities is low (until the next midwest us drought, see 2012) In addition for energy there is the world wide surplus of fuel and the coming of renewables with very low marginal costs.