As you know, inflation was big news throughout 2022. But will it continue in 2023? And looking even further ahead, how should you account for inflation in your long-term plans?
In regard to the first question, many experts predict that inflation will cool off this year, though there are no guarantees. The high inflation of last year is thought to have been caused by some unusual factors, such as a spike in the demand for consumer goods as the world came out of the COVID-19 pandemic, which led to supply chain issues. Also, the war in Ukraine drove up oil prices, increasing the cost of manufacturing and shipping and driving up the price of wheat and other commodities.