What are the macroeconomic impacts of high commodity price?

This subject can be dealt in a PHD work. Depends on what commodities you are talking about and the characteristics of the market you want to analyze, net importer vs net exporter. In genereal terms if we talk about industrial commodities/consumer (except gold) a high price would create pressure on the prices of an import market. Such a pressure would lead to inflation that would be tackled bu the Central Bank by rising the interest rates. This would lead to comapanies finding difficulties in expanding and finally to a slowdown in the economy. In the exporting countries the higher revenues would probably lead to a strenghtening of the local currency and that would make import products more affordable (depends on the specific market conditions). Generally this would be beneficial for export markets but depends heavily on the capacity of Gouvernments to play the game. There is no case as another - as said to be able to answwer this question you might need to get involved in a PHD research. Japan, Saudi Arabia, China, Australia would be interesting subjects to study in order to answer to such a question