Jeffrey Gundlach thinks interest rates will soon rise, but, unlike fellow bond guru Bill Gross, he doesn’t think inflation is upon us.

Gundlach, in a web seminar, recently said that a paradigm shift has occurred in the past five years or so, according to AdvisorOne. “Over the majority of the [past three decades or so] we’ve seen a benign inflation period characterized by stable to falling interest rates,” he said. “It’s quite likely interest rates will now rise and boost the returns of government instruments.” But, he added that inflation can’t occur without corresponding increases in median household income, and he says that is falling, AdvisorOne reports.

But Gundlach is concerned about global food price inflation. “Believe it or not, food is the real concern, especially in developing countries,” he said. “In these areas, 40% of a person’s income will typically go toward food. If it goes high higher, it will have an outsize impact, and riots and other forms of civil unrest could occur.” He also discusses debt, saying that developing nations are “now better fiscal stewards than developing countries”.