Food and other commodity prices are on the rise and “that defines an inflationary trend,” said John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina.

“I do think that the deflation story is not the major risk right now,” Silvia said today in a radio interview on “Bloomberg Surveillance” with Tom Keene.

With prices rising 2.5 percent to 3 percent, “real wages are declining,” Silvia said. “Real incomes are declining. People have less to spend on other items. “It’s pretty broad base,” he said.