The billionaire owner of Gristedes and D’Agostino Foods supermarket chains says that food prices are going to keep soaring as Joe Biden’s economy continues its downward spiral.
John Catsimatidis recently spoke to Fox Business Network’s Mornings With Maria where he noted that big companies such as Nabisco, Coke, and Pepsi will begin consolidating products and raising prices even higher was the supply chain problems and costs mount.
“I see food prices going up tremendously,” Catsimatidis told Maria Bartiromo. “[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.”
The food business owner added that the upward trend of prices won’t end “anytime soon.”
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“I see over 10% [price increase] in the next 60 days,” Catsimatidis said.
Analysts have pointed to the backlog of U.S. shipping containers at California ports as a significant cause for shortages seen across the country and predict the issues will persist into the holidays.
The Biden administration said last week that they would work to expand the hours of operation at the California port in an effort to speed up the delivery of goods.
When it to comes to empty shelves, the supermarket owner pointed to companies like Procter & Gamble having a hard time providing enough toilet paper and other paper products, particularly “in the suburbs and the inner city.”
Catsimatidis added that only the most profitable products will weather the storm.
“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.”
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