Politics

Billionaire Supermarket Owner Warns: Food Prices Will Go Up ‘Tremendously’

prices

The owner of a New York City supermarket chain predicted the food prices will increase sharply in the coming months, with some increasing 10 percent in the next two months.

John Catsimatidis, the billionaire supermarket owner of Gristedes and D’Agostino Foods, warned that food giants such as Nabisco, PepsiCo, and Coca-Cola will prioritize raising prices on products.

“I see over 10 percent [price increase] in the next 60 days,” he said in an interview with Fox Business on Monday, adding that the trend will not drop “anytime soon.” Catsimatidis cited rising inflation and supply chain bottlenecks that are currently plaguing supermarkets and other retailers around the United States.

Catsimatidis then cautioned: “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 low-moving items.”

port Los Angeles
Shipping containers are unloaded from ships at a container terminal at the Port of Long Beach-Port of Los Angeles complex in Los Angeles, Calif., on April 7, 2021. (Lucy Nicholson/Reuters)

“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 have said that a significant backlog of shipping containers is currently being processed at two major California ports is snarling delivery of food and other goods. Energy shortages in the Asia-Pacific and Europe, as well as COVID-19-related concerns, lockdowns, and vaccine mandates have also been blamed for the supply crunch.

Earlier this month, the White House announced that it was able to push Walmart, FedEx, and UPS into committing to adding more shifts to alleviate shipping issues. The Port of Los Angeles also committed to 24/7 shifts, the Biden administration also said.

Compared with one year ago, consumers are paying significantly more for goods and services, according to recent data released by the Department of Labor. It came as the agency reported that the consumer price index, a key inflation gauge that measures how much Americans pay for goods and services, rose approximately 0.4 percent in September, up 5.4 percent year-over-year.

For example, Americans are paying about 42 percent more on average for a gallon of gas than a year before, the data shows. They’re also paying 10.5 percent more for eggs, meat, poultry, and fish; 4 percent more for coffee; 19 percent more for bacon; 6 percent more for peanut butter; 27 percent more for propane, kerosene, and firewood; 5.2 percent more for electricity; 24.4 percent more for used vehicles; and 7.1 percent more for appliances.

Reprinted with Permission from - The Epoch Times by - Jack Phillips

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jocko
1 month ago

THANK A CANCEROUS, ANTI-AMERICAN, LYING, CHEATING, lib, THE ARCH ENEMIES OF OUR NATION

Karen
1 month ago

Prices have already soared. It’s really creating havoc for the seniors and poor. Thanks a lot, devil worshiper commie Joe Biden.
Let’s go Brandon!!!!!!

Kealoha
1 month ago

Let’s Go Brandon!

Bob
1 month ago

Many will soon learn why Grandmother washed off and saved the aluminum foil. Bad times are coming and it was voted in to happen. We are witnesses to the destruction of America as we know it. Welcome to Communism via the Democrats.

Sara J Grosso
1 month ago
Reply to  Bob

Oh so true!!! btw, I STILL wash our aluminum foil.

Joe M
1 month ago

This is NOT what the left wing IDIOTS thought they were going to get when they cheered Trump being beaten in a fraudulent election by a communistic democrat party !!!

PaulE
1 month ago
Reply to  Joe M

The left wing idiots don’t think at all, which is the problem. They’re run on pure emotion.

Becky
1 month ago

My goodness Commies!!
Your plans to destroy America are working just as you PLANNED..

Jim Jolly
1 month ago

Thank U so much Joe

Hal
1 month ago

I’ve said it before and will say it again, “Inflation is a favored way that liberal politicians raise taxes so they cannot be accused of raising taxes.” And it comes down hard on the average citizen who cannot with a flick of irresponsibility print more money …. they have to earn it… if they can … or do without if not.”

Steven
1 month ago

Biden Sucks!

Dori
1 month ago
Reply to  Steven

“Let’s go Brandon” ????????

mjl
1 month ago

How about a consumption tax that would apply to everyone rather than the 50% who pay no taxes?

Chuck L
1 month ago
Reply to  mjl

They would have to get a BIG food stamp raise in that case. Ever check what a family gets for food stamps these days. Dont forget the free breakfast and lunches at school, food backpacks for the weekends, food at the local pantry etc etc etc..

Max
1 month ago
Reply to  Chuck L

Food stamp raise has happened and will continue as long as the Democrats are in control. They need those votes.

Becky
1 month ago
Reply to  Chuck L

They get several times what I have to spend on food!
It is time to STOP WELFARE!
Work. Or starve.

Bill
1 month ago

Not to worry biden has it under control, (Come on man)

Rik
1 month ago

LIES ARE LIES! . . . If one wants Billionaires to pay more in taxes, easy, just come up with a tax on Billionaires! . . . But that’s one they say, but that is a lie and only an excuse to control us all and thus “transform” America from capitalism and freedom! . . . Wake up People!

Patriot39
1 month ago

It’s all planned– the Elites in Washington detest regular Americans, they really do, and if we have to spend all our money on the necessities, we lose freedom to travel, vacation or buy what they consider ‘non-essential’ items (in 1994, Bill Clinton said that if Americans got a tax cut, we’d “just go buy a TV” with our savings and he thought that was not a good way for us to spend our money). They want control and power over us and destroying the economy is the best way to get it. Economic freedom IS freedom. Oh, btw, the elites won’t lose out at all bc 1) automatic pay increases for them and 2) we taxpayers pay for their transportation etc.They’ve always hated seeing us “smelly Walmart shoppers” in places like Aspen, Telluride, high end cruises, etc– unless we are carrying their bags or cleaning their rooms.

Ks
1 month ago

Prepping was a thing for a few in the past. I think it’s going mainstream now. We’re seeing more people buying long lasting canned and dry grocery items than ever before, and the commercials for long term prepper foods are everywhere. It’s time for Americans to wake up to the fact that government is not the answer to all things. The current geriatric evil squatter in the White House needs to go, along with whatever shadow government that’s pulling the strings!

Patriot39
1 month ago

LET’S GO BRANDON

Veteran
1 month ago

Anyone supporting the geriatric communist party, formerly known as Democrat, that is perpetually stuck on stupid, and in the 1960s with their crush on Marx, Mao & Co, .and their fervor for atrocious, brutal dictators like Ho Chi Minh, and Castro needs to have their head examined if they still don’t wake up now when their favorite tottering crew of aging politicians like Biden, Feinstein, Pelosi, Sanders,… is bringing to them prices, and stocked store shelves like in Venezuela, and the former East Germany.
Their alliance with anti-American corporations which are blissfully ignoring who made them rich and now consider themselves “international”, or “global”, and who favor the crony capitalist national socialist model, as useful idiots to the communist take over doesn’t help much either. The Left is destroying our country and any RINO had better come to the realization that the gravy train is about to come to an end, one way or another, the goose that lays the golden eggs they have been happily ripping off all these years, the American taxpayer, and our prosperous capitalist economy, are being slaughtered by this socialist/NAZI/communist/globalist nincompoop coalition. They are doing everything they can to bring our country down to a level where their communist compadres China, and Russia can swoop in and take over.
Socialism/communism, not any “pandemic”, not even cancer has been the greatest scourge of humanity in the 20th, and now the 21st century; it has cost over a hundred million lives with its genocides, not counting the hundreds of millions more that were killed in the wars these political systems and their insatiable thirst for global empire created, yet they get to flood our schools with that diseased ideology? Enough!

Tim
1 month ago
Reply to  Veteran

Well said thank you.

Elizabeth Cheever
1 month ago
Reply to  Veteran

Very well said.

Sara J Grosso
1 month ago
Reply to  Veteran

I DID NOT ALREADY VOTE FOR THIS COMMENT! So the number should be 15, not 14. WHAT THE HELL IS GOING ON WITH YOU AMAC????

PaulE
1 month ago

I agree that grocery store prices will be rising substantially going forward. If you’ve been to anywhere in Europe over the last few years and shopped in any of their grocery store chains, those are the kind of prices we’re moving towards. Of course they have a VAT and we currently don’t, but that will be remedied within a few, short years as budget shortfalls to pay for all the social engineering programs the Democrats are about to put in place or expand necessitate an additional revenue stream to pay for it all. High taxes, high prices and high inflation are a normal fixture in socialist countries, which we are rapidly becoming.

Max
1 month ago
Reply to  PaulE

I second your European observation.

Blondie
1 month ago

This is not really news, anyone that eats can see that costs are going through the roof on everything, anyone that drives can see that with each fill up, the cost is more. It will be a cold, costly winter, get blankets and flannel jammies before they are no longer available.

Sara J Grosso
1 month ago
Reply to  Blondie

I agree with you!

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