A supermarket chain owner has asserted that Americans should expect to see food prices rise at least 10 percent over the next two months.
Speaking on Mornings With Maria on Fox Business, John Catsimatidis, the president of Gristedes and D'Agostino Foods, said that prices are going to be soaring "tremendously."
The billionaire supermarket owner was discussing inflation and supply chain issues when he warned that people should expect to see higher prices — particularly from large companies like Nabisco, Pepsi and Coke.
"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."
Catsimatidis said that he does not see this trend changing "anytime soon."
"I see over 10% [price increase] in the next 60 days," he said.
There is currently a massive backup of shipping containers at California ports, as well as a labor shortage across nearly all industries in the United States. Moody’s Analytics warns that the supply chain disruptions “will get worse before they get better,” according to a report from the Daily Wire.“As the global economic recovery continues to gather steam, what is increasingly apparent is how it will be stymied by supply-chain disruptions that are now showing up at every corner,” this week’s report said. “Border controls and mobility restrictions, unavailability of a global vaccine pass, and pent-up demand from being stuck at home have combined for a perfect storm where global production will be hampered because deliveries are not made in time, costs and prices will rise and GDP growth worldwide will not be as robust as a result.”
While discussing the empty shelves being seen in stores across the nation, Catsimatidis gave the example that Procter & Gamble is having a hard time providing enough products like toilet paper, particularly "in the suburbs and the inner city."
"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."
