Doug Noland with an excerpt from his Credit Bubble Bulletin

For the first quarter, Crude oil jumped 13% and gasoline surged 21% (to the highest price levels since September 2008). The Goldman Sachs Commodities Index rose 14.8%. For the quarter, Cotton jumped 39%, Pork Bellies 23%, Silver 23%, Gasoline 21%, Corn 10%, Cattle 10% and hogs 9%. It is worth noting that Hershey raised prices this week by almost 10%, while Wal-Mart’s CEO warned that American consumers face”serious” inflation in the coming months.