Global demand has drive growth across several sectors, but commodities may be pushing up against supply constraints and boosting inflation, Washington Crossing Advisors said in a note to clients on Thursday. "Bottlenecks are leading to higher prices and raising concerns about inflation," said the advisory firm, which is a wholly owned division of Stifel Financial. "While real growth in global output seems solid, we are also aware that private credit to emerging market economies (China) remains in overdrive," the report said.