Skip to comments.Billionaire Supermarket Owner Warns: Food Prices Will Go Up ‘Tremendously
Posted on 10/18/2021 11:21:55 AM PDT by MNJohnnie
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.”
“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.
Will? In addition to what they already have?
Most of them were cutting volume by an ounce or so. Now inflation is so bad they have no choice to raise prices.
There was a study done a while back that showed that people would pay the same price for less product, but raising the price of the same product is less desirable.
We’re a dumb species sometimes.
A bunch of made-in-China crap is going to get a lot more expensive. As far as I’m concerned, that is a good thing.
Also, IMO, stupidity needs to be painful. The more painful the better. Idiots in this country voted for a pants messing demented potato and a bunch of his fellow mental mushroom Democraps. This is the result.
“Nabisco, PepsiCo, and Coca-Cola”
These companies all sell poison (refined sugar) that they call food.
With the exception of the occasional granola bar(made by General Mills) and bottled water I literally do not buy any products made by these companies.
I was in the super market this morning.
Pepperidge Farm cookies up $.20 per package (about 5%)
Gatorade up $.30 for a big jug (10% increase)
Still can’t find decent ribs here in NY and they are overpriced at $7.99/pound.
This is intentional by the Obiden regime.
They are squeezing us in every way they can.
Agreed...yet the painfully stupid will continue to vote for demoKrats..
I am looking at labels on everything now, if it says Made In China, it goes back on the shelf.
I did find someone nearby who raises beef cattle and has their own state inspected slaughter facility and their prices are in line with the grocery store so I'm probably going to say screw the system and start buying from them. Liver and onions, yum. Boneless chuck roast is cheaper than the stores. I'll have to ask about short ribs.
Some idiots did vote for Senile Joe, but there is no way 81 million American citizens voted for that fossil fool.
We had a Venezuelan election.
yuk @ granola bars. They are so sweeeeeet and I often wonder how is that supposed to make them a healthy food.
BTW, oats are for horses.... >>>giggle<<<
Those nice low prices for Pepperidge Farm strawberry Veronas?
Pepperidge Farm remembers!
Add to that the sales tax increase for those places that tax food products.
I think it was IGA who said their suppliers have already told them they would not be able to fullfill all their orders this winter and to expect 15-40% shortages in orders across nearly all the various food vendors.
I predict a food shortage which is why I’m stocking up. NYC is an isolated city surround by water. They also vote democrat 100% of the time. Let’s see how 8 million AOC supporters like it when “non-green” trucks stop delivering food
Relax. You just need to drink the Joe’stown kool-aid.
Same here. Buy the bulk on the outer aisles, i.e. meat, dairy, produce.
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