Mohamed El-Erian, chief economic adviser to Allianz, said on the 12th local time that the current record high inflation could have been avoided if the Fed had shown humility and acted earlier after mistakenly describing the rise in inflation as "temporary". Mr Erian said that the conflict between Russia and Ukraine, the energy transformation and the Fed's misjudgment and lagging actions had all led to rising inflation, and that if the Fed had acted early, it would not have caused such high inflationary pressures. He predicts that in the current period of "stagflation", inflation is likely to reach 9% and risks further leading to a recession. (CCTV)