The dangers arise from the possibility that these rises in commodity prices might continue. If that were to happen, then the sharp falls in inflation which have occurred in several Western countries and which have looked set to go further, would go into reverse. That would have two adverse effects. First, it would threaten to increase bond yields, which are already under upward pressure. Higher bond yields would themselves tend to weaken the economy. But in today's circumstances they would be worrisome because governments, including our own, have to raise enormous sums from the bond markets. Higher bond yields increase the cost of government funding and thereby tighten the fiscal screw still further.