The Russia-Ukraine conflict could push U.S. inflation into double-digit territory, according to Allianz chief economic adviser Mohamed El-Erian, who cited the disruptive impact of the war on supply chains, shipping, and commodity prices. El-Erian, who also serves as president of Queens’ College, Cambridge, told CBS’ “Face the Nation” in a recent interview that he believes there’s more upside for inflation in the United States before it peaks around summertime. “I estimate that at 7.9 percent, we will probably get very close or above 10 percent before we come down,” El-Erian said. “That difference will be all because of the disruption that Putin’s war implied for commodity prices, supply chains and shipments.” Inflation in the United States rose at a blistering pace of 7.9 percent in the year through February—the fastest pace in 40 years—data released last week by the Bureau of Labor Statistics showed. Prior to Russia’s invasion of Ukraine, Treasury Secretary Janet Yellen …
Russia-Ukraine War Could Push Inflation Above 10 Percent: Economist El-Erian
March 15, 2022
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