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Economist Mohamed El-Erian in an interview Monday took aim at assessments of inflation that describe rising prices as “transitory”, stating that there is a fundamental misunderstanding of what inflation is and how it is already spreading throughout the economy. 

“I always laugh when people say, oh, it’s isolated, it’s transitory,” the Allianz’s chief economic adviser told CNBC. “I think there’s a fundamental misunderstanding about inflation today because … most people haven’t lived through it for a long time and certainly most traders on Wall Street haven’t traded through it.”

El-Erian pointed to the surge is details ⇒

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