(Bloomberg) -- Allianz SE's Mohamed El-Erian warned against downplaying the surge in prices in the U.S. as “transitory,” a stance he said is becoming a “real issue” from an economic and socio-political standpoint.
Inflation is significantly “hotter” than forecast, El-Erian, a Bloomberg Opinion columnist, wrote in a Twitter post, after Labor Department data showed U.S. consumer prices rose at the fastest annual pace since 1990 in October.
Read more: Inflation in U.S. Builds With Biggest Gain in Prices Since 1990
The advances in the consumer price index on the year and on the month exceeded all estimates in a Bloomberg survey of economists.
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