Money Talks News: 2014 Inflation Forecast
Fri, 10 Jan 2014 13:28:56 GMT —
From groceries -- to gasoline -- how much you pay depends on one thing: inflation.
So, exactly what is it going to cost to fill up that car this year or pay for health insurance or buy a higher education? Well, here's what the experts are saying is going to happen with inflation in 2014.
According to the 42 professional forecasters surveyed by the Philadelphia Federal Reserve, core inflation in 2014 should remain low - about 2 percent. Now core inflation doesn't count food and energy, but you have to.
The USDA is looking for 2.5-3.5 percent higher food prices this year... that's higher than the inflation rate.
As for energy, according to the Energy Information Administration, regular gas should average about $3.43 a gallon in 2014, virtually unchanged from last year and the year before.
According to the College Board, the cost of 4-year public university is expected to rise about 2.9 percent for in-state students for the 2013-14 school year.
Now that's higher than the inflation rate, but that's the smallest increase they've seen in 30 years.
And last but definitely not least: health insurance.
According to Price Waterhouse Coopers, the cost of health insurance is expected to rise 4.5% this year - double the inflation rate, but lower than years past.
Bottom line? When it comes to inflation in 2014, the experts are predicting that overall it's going to remain low.
But as with every year, you may not notice it when you're paying for gas, health insurance or a higher education.
For more information, just go to moneytalksnews.com and do a search for "Inflation 2014." For Money Talks News, I'm Stacy Johnson.