El-Erian flags 820 inflation mentions on S&P 500 earnings calls in October

Companies talked about inflation more in October than in any month for more than two and a half years, according to a Bloomberg count highlighted by economist Mohamed El-Erian.

In a post on 7 November 2026, El-Erian quoted Bloomberg:

"…mentions of "inflation" or "inflationary" climbed to 820 on the earnings calls of S&P 500 companies in October, the highest monthly figure since February 2024."

Why the count matters this week

The figure lands just before the government's October consumer price index, which Reuters said is due on Tuesday and is among the most closely watched inflation measures. Reuters also reported that investors expect the Federal Reserve to raise rates in December, after the central bank held steady in October following a September hike.

Earnings-call mentions are not a price index. They measure how often executives raise the topic, which can reflect rising input costs, pricing plans, or simply analysts' questions. Still, a jump to the highest level since early 2024 suggests corporate America is paying closer attention to price pressure than it was a few months ago.

What it does not tell you

The count does not show whether companies expect inflation to rise or fall, or which sectors drove the increase. The 820 figure and the February 2024 comparison are Bloomberg's, as quoted by El-Erian; Fiscal Hour has not independently recounted the transcripts.

This article is not investment advice. Watch Tuesday's CPI release for the official read on prices.