Market is signaling commodity inflation is ‘pretty much over

CNBC’s Jim Cramer said Thursday that markets appear to be growing less worried about raging price increases in a range of commodities, from metals to lumber.

“I’ve got good news for you: The stock market, which is pretty correct on these kind of matters, is saying that commodity inflation has already peaked,” the “Mad Money” host said. “Forget transitory, the market’s saying it’s pretty much over.”

Cramer pointed to the widespread declines in a number of stocks tied to commodities, such as Freeport-McMoRan. Shares of the copper miner tumbled more than 5% Thursday and are down about 20% in the past month.

“Sure, the market could be wrong, but if you were worried about totally out-of-control…