Robert Levitt, president and chief investment officer at Levitt Capital Management, told CNBC’s “Morning Call” that inflation, not a slowing economy, threatens to trip up the bull market.

“It’s not that the U.S. economy is slowing, it’s that we’re going to see some inflation,” Levitt said Wednesday. “We’ve seen energy prices over the past few years rise, we’ve seen base metal prices rise and now we have food prices rising. I think we’re going to see labor prices rise as the demographics show there just aren’t enough workers…We’re not concerned as much about a recession or focusing on the Fed lowering interest rates.”

He said inflation will creep into the economy and probably will be seen first in food and energy prices.

“When you see rises in food prices and energy, thousands of years of history tell us that’s what causes inflation,” Levitt said. “Since 1981, we’ve seen declines in energy prices, base metals, food prices. Now, China and other players are coming on. In the next year or two, China will stop being an exporter of food and become an importer. So, those prices will rise, but it won’t happen all at once.”

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