Surging inflation may appear largely in the past, but a shift to a 25 basis point hike at the next Federal Reserve policy meeting is a "mistake," according to Allianz Chief Economic Adviser Mohamed El-Erian.
"'I'm in a very, very small camp who thinks that they should not downshift to 25 basis points, they should do 50," he told CNBC's "Squawk Box" on Monday.
Inflation, he said, has shifted from the goods to the services sector, but could very well resurge if energy prices rise as China reopens.
El-Erian expects inflation to plateau around 4%.
"That's probably the best outcome," he said of the latter.