Mr. Immelt, however, expressed concern about a shortfall of gas supply to India's power plants.

WSJ: GE Expects India Business to Grow 15%-20%

Only if prices are rising because of concerns about a sudden shortfall in supply, such as from fear of a Middle East war, should the Fed be concerned, says Kilian, who admits to the possibility of that.

FORBES: Stagpanic

The company added the supply shortfall of iron ore will persist in the long run.

FORBES: China's Steel Demand Seen Softening, Industry Group Says