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  • Thursday’s CPI reading for May was up by 5% year-over-year, more than the 4.7% economists expected.
  • Whether the surge will be temporary or inflation is here to stay is still unknown.
  • If higher inflation remains it could sink stocks, which now have historically high valuations.

Jeffrey Gundlach, the billionaire investor known in the financial community as the “bond king,” made a simple prediction about inflation on Tuesday.

“June 10 is the next CPI release date. I’m guessing ‘up,'” Gundlach said in a tweet, referencing the consumer price index, a popular measure for inflation.

He was right. Thursday’s CPI reading for May was up by 5% year-over-year, more than the 4.7% economists surveyed by Bloomberg expected and the biggest jump in more than 12 years. From April, it rose 0.6%, also higher than expected.

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