New York City supermarket’s owner predicted a tremendous increase in the food prices during the upcoming months. The increase will continue to rise by 10 % after that every month.
John Catsimatidis is the billionaire supermarket owner of Gristedes and D’Agostino Foods. He issued a warning about the prices skyrocketing in the future.
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“I see over 10 percent [price increase] in the next 60 days,” he said for Fox Business this Monday. Also, he added that the trend wouldn’t stop soon.
Catsimatidis cited rising inflation and supply chain bottlenecks that are plaguing supermarkets across the USA.
“I see food prices going up tremendously” because food company CEOs “want to be ahead of the curve, and the way they’re doing it is they’re dropping all promotions. They are dropping slow-moving items.” He continued.
“Why give away something when you don’t have to give it away, and you make more margin?” Catsimatidis asked. “So I think that now these companies are going to have record profits in the third quarter.”
Experts stated that a massive backlog of shipping containers is processed at the two largest California ports filled with food and other goods. There are many C-19 concerns and energy shortages in Asia-Pacific and the EU, which will also slow down transport.
At the beginning of this month, the WH shared that it could push Walmart, FedEx, and UPS into committing to adding more shifts to soften the deficit. Also, the LA Port will work 24/7.
In comparison with the previous year, today we pay significantly higher prices for goods and services. The Department of Labor reported that the consumer price index, which is the crucial inflation gauge that measures how much we pay for goods and services, has risen by 0.4 in September, up 5.4 percent year over year.
As an example, we can take this: Americans pay 42% more on average for a gallon of gas than the previous year.
Also, there are 10.5% more for eggs, meat, poultry, and fish, 4% more for coffee, 19% more for bacon, 6% more for peanut butter, etc.