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Allianz chief financial adviser El-Erian believes core inflation “continues to rise”

Ahead of the release of the latest CPI this week, Allianz chief economic adviser Mohamed El-Erian told CBS’ “Face The Nation” on Sunday that he predicts headline inflation will “probably come down to around 8%” but that core inflation “is going still up.”

Core inflation is what measures the drivers of inflation and how broad they are, so El-Erian said an increase in core inflation means “we still have an inflation problem.”[ads1];

Although core inflation is still on the rise, El-Erian said it will eventually decline.

“The question is, will it come down with a downturn in the economy or a major recession?” he said on “Face the Nation.”

Oil producer group OPEC+ on Wednesday announced its biggest supply cut since 2020, and El-Erian said the decision “hurts the United States” as it risks pushing inflation back up. But he said the cut did not come as a surprise as the group is looking to protect oil prices in the face of falling demand.

“That’s what they do,” he said. “But it’s certainly not good news for the US economy.”

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