Inflation is on the rise in emerging markets, and that makes the United States and Europe better investment opportunities in 2011, says Marc Faber, editor of the Gloom, Boom and Doom Report.

Rising food and energy prices will cause trouble in countries like China and India, he tells CNBC.

“We have money printing around the world, and that has led to very high food inflation and inflation in energy prices," Faber points out. "In low-income countries like China, India, Vietnam and so forth, energy and food account for a much larger portion of personal disposable income than in the United States."

The upshot: "These countries are suffering from basic high inflation, and that reduces the purchasing power of people,” he says. “So I think the monetary authorities in emerging countries are going to have to tighten or let inflation accelerate, both of which are not particularly good for equities."

Faber recommends buying oil, which he believes will rise regardless of what happens in the global economy. "You should own some oil and energy equities."

Not everyone agrees with him that emerging markets will suffer.

“Although the price rises will definitely hurt emerging Asia, it is probably one of the best-placed regions to shrug them off,” Matt Parry, senior oil consultant at KBC Process Technology, tells Marketwatch.