Posted on 10/19/2021 11:43:11 AM PDT by blam
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.”
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.
Consumer Goods Giant To Raise Prices On More Staples, Blames Increase In Cost On Raw Materials
I always admire economic geniuses: “Rising prices are causing inflation.”
How come I’m not a billionaire with those kind of smarts?
Anyone to whom this is news must have been asleep for the last year+ or binge watching “Keeping up with the Kardashians”.
Food suppliers set up a strategy to protect themselves against price controls during the 70’s. The basic prices were raised on all the basic products, but the price being paid was reduced due to specials and coupons. When price controls were imposed, all they had to do was cut back on the specials without changing the underlying price.
Think he is sorry he was an anti-Trumper yet??
Hello, Weimar-reans!
I love how they put the word billionaire in the title, subtly suggesting that the rich guy cover the cost. IMO.
Somebody supported these stupid Democrat sons of bitches.
Probably the same idiots who come here and write that the Republicans are in charge.
Remembering Nixon's Wage And Price Controls
I was already making chips in what would eventually be called 'silicon valley' during Nixon's wage and price freezes.
Everyone got promoted with a raise because raises with promotions were exempted from the freeze.
I drove by a cemetery today—couldn’t believe how many Biden/Harris stickers there were...
;-)
As far as I know, I don't eat anything that needs to come in on a ship. The exception would be the rare instance when I buy smoked oysters. Shouldn't be affecting any beef, pork or chicken prices in the US.
There is already massive inflationary pressures on our economy. There are many reasons for this and most of them involve government policies and actions (or inaction).
If the democrats (and select RINO’s) ram through another stimulus bill it will get worse. Potentially much worse.
People might want to go back and look at the Tom Clancy/Jack Ryan story of the plot by a Russian bank/energy company to dump treasuries and collapse the dollar. Is it possible? I don’t know. At some point the dollar is only worth what people around the world believe it to be worth.
Clancy also wrote a book about terrorist hijacking an airliner and crashing it into the capital during a state of the union address making Jack Ryan the President.
Inquiring minds want to know...... even a layman like me recognizes that you can only blow up a balloon so far until you overcome its elasticity and it pops.
Blow up the dollar and a massive global realignment will occur - quickly. Look at how the last two years have unfolded before you express skepticism.
I hope I am wrong. There are many wealthy elites who have every reason to keep the system afloat, but some of them now appear hellbent on breaking the system so that it can be rebuilt (by them).
Think on it. Scary times.
My yearly beef went from my neighbor’s field ten miles to the meat locker today. $3.60/lb including processing.
UPS Walmart and Amazon running 3 shifts to help Biden? Someone has to pay all that overtime. There are too many people getting money for not working for big employers to hire enough help to fill three shifts. That means overtime at 1.5 times per hour. Those companies don’t want to pay the money so government will have to foot the bill with their shiny new debt ceiling limits. This is Cloward-Piven on steroids.
Whole, half or quarter? How much freezer space is needed for the amount you get?
Are they paying overtime to their workers now?
Three shifts may get a difference in hourly pay.
I think we need to parse where inflation will hit. In most every article I’ve seen for it, the products mentioned are very processed and packaged goods. Not basic foods, like meat, flour, fruits and vegetables, but “synthetic” processed, gluten free, organic, etc., individually packaged inside of a larger package.
Bottom line: in a severe labor shortage, foods that take five people to get the product to store shelves are going to cost less than foods that take 75 people. There are limits to production of scale.
I saw a Freeper yesterday say that they had just paid $15.00 for a head of organic lettuce.
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