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Marc Faber: We'll soon see inflation of 10% - 20%

Contrarian guru Marc Faber predicts we'll soon see inflation of 10 to 20 percent.

The numbers will rise so fast because the government "massively" understates the country's inflation rate, Faber said.

To get a true reading he advises ditching core inflation numbers, including the Consumer Price Index.

"It's a lie what they publish," Faber told CNBC.

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