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Inflation was a big story in 2013 because it was so surprisingly low.
Inflation could be the big story once again in 2014 as it could be the year when it comes back in a big way.
For some context here's a chart of current inflation rates around the world from market guru Richard Bernstein.
Bernstein believes that weak currencies and high inflation rates is bad news for the emerging markets.
"When productivity fails to be a competitive advantage, then countries have to compete purely on price and devalue their currencies," wrote Bernstein. "Devaluing a currency often results in higher inflation rates because the prices of imported goods, both input raw materials and consumer goods, go up. Emerging markets' current high inflation rates will likely limit emerging market countries' exchange rate flexibility. Some EM countries are already starting to lose market share as a result."
Richard Bernstein Advisors