Top 4 Economic Predictions for your Business Plan in 2014

No. 2: Inflation and commodities will be mild

For 2014, it is expected that inflation will only rise mildly. According to the Wall Street Journal and the Survey of Professional Forecaster, the Consumer Price Index will be around 2.1 percent. This, combined, with an unemployment rate of 7.1 percent predicted for 2014, will mean that the economy will most likely not increase labor inflation.

The only costs predicted to increase in the following year are health care costs, largely thanks to the enactment of Obamacare. Nonetheless, this will not affect all companies equally. Before making any assumptions, make sure you consult with your Human Resources department. On the flipside, the International Monetary Fund expects a 4.3 percent decrease in the price of non-fuel commodities.