Livestock Prices Soar

While many commodities appear to be in a short-term correction, against the major uptrend, livestock prices continue to soar.Prices has soared 138% since March 2009. And unlike the iPad 2, the product of livestock is something you do eat. The livestock index is composed of Live Cattle and Lean Hogs.

Looks like more price inflation to me, though there are an opposing views:

Former Harvard President Larry Summers and recent top economic advisor to President Obama, who blew up a large portion of the Harvard's endowment playing with derivatives (despite warnings from Iris Mack), sees even less current price inflation than Paul Krugman.

Larry Summers, former Harvard Presidentand recent top economic advisor to President Obama, writes:

The underlying rate of inflation is still trending downwards...

Here's Paul Krugman:

There’s really nothing here to shake my view that deflation, not inflation, is the threat.