El-Erian warned last month that inflation in the US had yet to peak.
The global economy is slowing while central banks are tightening policy, which should affect inflation.
I believe that inflation has peaked in the US over the next few months. El-Erian told CNBC that they need to see how sticky some elements are. It's not the problem that inflation is going to come down, it's the fact that it won't. It's not good news that inflation is going to come down with growth likely going into a recession
The commentator said last month that high prices had more room to play out.
He predicted at the time that inflation would exceed 8.5% in May due to rapid gains in energy prices. The Consumer Price Index increased by 8.6% in May and then by 9.1% in June.
He said that inflation might not peak until July. He said it was too early to say inflation had peaked.
Gas prices have fallen for more than a month, suggesting that inflation could follow suit.
El-Erian wrote on Friday that the Federal Reserve needs to improve its analysis, forecasts, policy responses and communication if it wants to avoid more policy mistakes.
The policy mistake we're in the middle of with respect to central banks is that there are signs that the global economy is slowing in a rapid fashion.
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