Ahead of this week’s release of the latest consumer price index, Allianz chief economic adviser Mohamed El-Erian told CBS’s “Face the Nation” on Sunday that inflation was “probably down to about 8%.” I predict it will,” he said. Inflation is ‘still rising’.
Core inflation measures the factors and extent of inflation, and higher core inflation means “there is still an inflation problem,” El-Erian said.
But even if core inflation is still rising, El-Erian said it would eventually fall.
“The question is is it an economic slowdown or a massive recession?” he said in “Face the Nation.”
Oil-producing group OPEC+ Biggest supply cut since 2020 announced El-Erian said the decision “will hit the United States” as inflation risks rising again. But the cut isn’t surprising as the group is trying to protect oil prices in the face of falling demand, he said.
“That’s what they do,” he said. But it’s certainly not good news for the U.S. economy.”
https://www.cnbc.com/2022/10/09/allianz-chief-economic-adviser-el-erian-believes-core-inflation-is-still-going-up.html Allianz chief economic adviser El-Erian thinks core inflation is ‘still rising’