Billionaire supermarket owner warns food prices will ‘continue to rise’ for next few months

Gristedes CEO John Catsimatidis said food prices will soar another 10%

By Talia KaplanFOXBusinessvideo

Billionaire Gristedes CEO on how much higher food prices will rise

John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, argues a 10 percent increase in the price of food should be expected within the next few weeks.

John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, argued on Monday that food prices will “continue to rise” for the next three months as the war between Russia and Ukraine rages on and the price of oil remains elevated. 

Catsimatidis, who is also the CEO of United Refining Company and Red Apple Group, a real estate and aviation company, told “Mornings with Maria” that he predicts that within the next 30 to 45 days food prices will soar another 10% amid the inflationary environment. 

Inflation hit a fresh 40-year high in February with the consumer price index climbing 7.9% on an annual basis, according to data released last month by the Bureau of Labor Statistics. Month over month, inflation rose 0.8%.

The year-over-year reading is in line with estimates and compares with an annual 7.5% jump in January, marking the fastest increase since February 1982, when inflation hit 7.6%.  

OIL PRICES CHOPPY AND ARE HEADING FOR LOSING WEEK

From January to February, nearly every category of goods and services got pricier. Gas jumped 6.6% and accounted for almost a third of price hikes. Grocery costs jumped 1.4%, the sharpest one-month increase since 1990, other than during a pandemic-induced price surge two years ago. The cost of fruits and vegetables rose 2.3%, the largest monthly increase since 2010.

John Catsimatidis predicts food prices will rise another 10 percent amid the inflationary environment.  (Andrew H. Walker  |  Noam Galai/Getty Images / Getty Images)

For the 12 months ending in February, grocery prices leaped 8.6%, the biggest year-over-year increase since 1981, the government said. Gas prices are up a whopping 38%. And housing costs have risen 4.7%, the largest yearly jump since 1991.

Inflation data for March will be released next week. The February data, the latest data currently available, was taken before Russia’s invasion of Ukraine, which pushed prices for some commodities higher. The costs of wheat, corn, cooking oils and such metals as aluminum and nickel have soared since the war began as Ukraine and Russia are leading exporters of those commodities…...more here

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