When economists and central banks and finance ministers say that the economy, global or their local, is slowing because of higher oil and commodity prices-they show that they understand economics very very little.
Are oil and commodities like wheat, rice and copper not produced by humans? It is not like some extra terrestrials have been giving us our raw materials. The energy sector has the biggest weighting in the SP 500, and many commodity and energy producing nations are quite happy to see higher energy and metal and agricultural product prices. What is called economy here is the economy of the the finished good sectors, of entertainment, of expensive real estate in NYC and London and Mumbai, which suffer when there's not enough raw materials to work on.
Economy includes all sectors-including oil, wheat, copper, everything produced by humans. Keep that in mind when you analyze meaning of financial news-and u will realize how most of it is plain crap.