The Fed’s naivete or arrogance toward inflation led to the runaway price increases Americans now have to pay, top UK economist says; Consumer Price Index could reach 9 percent, he predicts
Mohamed El-Erian, chief economist for Allianz, said inflation could rise to 9 percent
El-rian, president of Queens College in Cambridge, blamed the war in Ukraine, ‘energy transition’ and the Fed for sky-high prices
Soaring food and energy prices drove the increase, with groceries up 11.9% and gasoline rising 48.7%