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The Russia-Ukraine conflict could push up the already high-flying US inflation to above 10 percent, economist Mohamed El-Erian recently forecast, saying the US will see another year of uncomfortable inflation.
Due to the COVID-19-induced disruptions in economic activities, the annualized US inflation hit 7.9 percent in February, the highest since January of 1982. Since the outbreak of the Russia-Ukraine conflict, commodity prices, supply chains, and shipments have been further disrupted.
The inflation won't fall back from current levels anytime soon, El-Erian told CBS's "Face The Nation" on Sunday, expecting a 25 basis point hike at the Fed's policy meeting on Thursday.
"We, unfortunately, are going to have at least 12 months of uncomfortable inflation, something that we haven't had since the 70s and 80s, and that's going to be especially problematic for the more vulnerable segments of our society," the economist said.
"I don't think this economy can support seven hikes, and if we do get seven hikes, we will go into recession," he added.
Biden's handling of inflation unsatisfying
According to the latest ABC News/Ipsos poll, Americans are very critical of President Joe Biden's handling of the economy, particularly inflation.
The survey found 70 percent of Americans disapprove of Biden's handling of the surges in gas prices, which is usually the most visible and painful example of rising living costs for Americans.
It also found that Biden has an all-time disapproval high in the polls of 58 percent about his handling of the post-pandemic economic recovery.
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