NEW YORK (Reuters) - Greenlight Capital President David Einhorn said on Wednesday he has added some inflationary protection to his hedge fund portfolio as he believes that inflation will go up under the government of President-elect Donald Trump.

Speaking at the CNBC Delivering Alpha conference, Einhorn said inflation is likely to be between 3.5% and 4.5% next year. In the 12 months through September, the consumer price index rose 2.6%, the Labor Department's Bureau of Labor Statistics said on Wednesday.

Government spending in the new administration will be higher, he said, while it is not clear how Trump's economic team will offset it.

Still, the hedge fund investor said he is not bearish about stocks, as U.S. economy is likely to continue growing.

Einhorn added that it is possible to find some bargains in the markets. He has added a long position in CNH Industrial, which is down 17.5% year to date, as he expects the share price to rise.