Billionaire Supermarket Owner Warns: Food Prices Will Go Up ‘Tremendously’
Oct 19, 2021 08:22:14 #
The rise of prices reported are more in the conservative side. They are more than that. Actually if you go to the grocery stores. meat prices have gone up more than 25%. Gasoline from $212 regular in 2020, now it is $3.49. That's about 39% increase.
And everything has gone up so much. Worst than that of the 70's price increases.
Worth of a dollar now is only about 69% to 75% of the dollar a year ago.
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Billionaire Supermarket Owner Warns: Food Prices Will Go Up ‘Tremendously’
BY JACK PHILLIPS October 18, 2021 Updated: October 18, 2021.
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.”
Port Los Angeles
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.
“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 C****-**-related concerns, lockdowns, and v*****e 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.
And everything has gone up so much. Worst than that of the 70's price increases.
Worth of a dollar now is only about 69% to 75% of the dollar a year ago.
=====================
Billionaire Supermarket Owner Warns: Food Prices Will Go Up ‘Tremendously’
BY JACK PHILLIPS October 18, 2021 Updated: October 18, 2021.
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.”
Port Los Angeles
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.
“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 C****-**-related concerns, lockdowns, and v*****e 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.
Oct 19, 2021 08:37:51 #
Radiance3 wrote:
i The rise of prices reported are more in the c... (show quote)
We’re already feeling the pinch. I remember the Trump years with a warm feeling in my heart. The country was run by a savvy businessman, not a lawyer who barely made it through law school.
Oct 19, 2021 09:05:51 #
Oct 19, 2021 09:11:34 #
Holdenbeach4u
Loc: Holden Beach , NC
Well
Gas at $1.78 , Oct 19,2020 while Trump was in office . Now Oct 19,2021 , $3.12 per gal , Biden in office . Everything will soared under i***t Biden and his i***t clowns running this USA
Gas at $1.78 , Oct 19,2020 while Trump was in office . Now Oct 19,2021 , $3.12 per gal , Biden in office . Everything will soared under i***t Biden and his i***t clowns running this USA
Oct 19, 2021 09:47:54 #
microphor
Loc: Home is TN
Holdenbeach4u wrote:
Well
Gas at $1.78 , Oct 19,2020 while Trump was in office . Now Oct 19,2021 , $3.12 per gal , Biden in office . Everything will soared under i***t Biden and his i***t clowns running this USA
Gas at $1.78 , Oct 19,2020 while Trump was in office . Now Oct 19,2021 , $3.12 per gal , Biden in office . Everything will soared under i***t Biden and his i***t clowns running this USA
Yelp, already is. Just because of dems ego, wouldn't keep policies that were working because they were Trump policy. Stuuuupid! FJB
Oct 19, 2021 10:19:35 #
Radiance3 wrote:
i The rise of prices reported are more in the c... (show quote)
Hooray !!!!
Just in time to blame the Dems.
It’s all their fault because the republicans are also known as the
Fiscally Responsible Party.
Republicans spent almost $9 Trillion and raised the debt ceiling 3 times.
Where did the money go ?
Did the Dems sneak in , in the darkness
and secretly spend it all on democratic programs for the People ?
Nope !
McConnell would never allow that.
Tax breaks for the rich !
Hooray !!!
Oct 19, 2021 10:36:49 #
microphor
Loc: Home is TN
Milosia2 wrote:
Hooray !!!!
Just in time to blame the Dems.
It’s all their fault because the republicans are also known as the
Fiscally Responsible Party.
Republicans spent almost $9 Trillion and raised the debt ceiling 3 times.
Where did the money go ?
Did the Dems sneak in , in the darkness
and secretly spend it all on democratic programs for the People ?
Nope !
McConnell would never allow that.
Tax breaks for the rich !
Hooray !!!
Just in time to blame the Dems.
It’s all their fault because the republicans are also known as the
Fiscally Responsible Party.
Republicans spent almost $9 Trillion and raised the debt ceiling 3 times.
Where did the money go ?
Did the Dems sneak in , in the darkness
and secretly spend it all on democratic programs for the People ?
Nope !
McConnell would never allow that.
Tax breaks for the rich !
Hooray !!!
Your ignorance is showing. We all benefited from Trump tax policies, just compare the the cost and quality of his term with Bidens 10 months of inflation
Oct 20, 2021 09:02:03 #
Ronald Hatt
Loc: Lansing, Mich
Radiance3 wrote:
i The rise of prices reported are more in the c... (show quote)
"TOO LATE"! THIS HAS BEEN GOING ON, SINCE *OBAMMY, STARTED HIS "FUNDAMENTAL CHANGE"....
TRUMP, WAS A NECESSARY INCONVENIENCE? He merely slowed things down, but the "Guillotine", is still in operation under Biden, & his i***t, malfeasance in office!
Oct 20, 2021 13:05:29 #
Ronald Hatt wrote:
"TOO LATE"! THIS HAS BEEN GOING ON, SINCE *OBAMMY, STARTED HIS "FUNDAMENTAL CHANGE"....
TRUMP, WAS A NECESSARY INCONVENIENCE? He merely slowed things down, but the "Guillotine", is still in operation under Biden, & his i***t, malfeasance in office!
TRUMP, WAS A NECESSARY INCONVENIENCE? He merely slowed things down, but the "Guillotine", is still in operation under Biden, & his i***t, malfeasance in office!
=================
Justice Jeanine thinks Biden is under the directives of Barack and his team. That of course include Sanders Manifesto.
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