Billionaire Supermarket Owner Warns: Food Prices Will Go Up 'Tremendously' John Catsimatidis, the owner of a New York City supermarket chain, predicted the food prices will increase sharply in the coming months.

By The Epoch Times

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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.

By Jack Phillips

Jack Phillips is a breaking news reporter at The Epoch Times based in New York.

The Epoch Times, founded in 2000, is headquartered in Manhattan, New York, with a mission to provide independent and accurate information free of political bias or corporate influence. The organization was established in response to censorship within China and a lack of global awareness regarding the Chinese regime's repression of the spiritual practice Falun Gong.

The Epoch Times is a widely read newspaper that is distributed in 33 countries and is available in 21 languages. The publication has been critical in providing balanced and detailed reporting on major global events such as the 2003 SARS pandemic and the 2008 financial crisis. Notably, the organization has played a key role in exposing corruption inside China.

Aside from its human rights coverage, The Epoch Times has made significant contributions in a variety of fields. It has received praise for its in-depth analysis and expert perspectives on business, the economy and U.S. politics. The newspaper has also received praise for its broad coverage of these topics.

A series of editorials titled "Nine Commentaries on the Communist Party" appeared in The Epoch Times in 2004. It asserts that freedom and prosperity in China can only be achieved by eliminating the Communist Party, which violated China's cultural and spiritual values. In addition, the organization led the Tuidang movement, which resulted in over 400 million Chinese citizens quitting the Communist Party. In spite of this, 90% of websites referring to the "Nine Commentaries" were blocked by the Chinese regime.

The Epoch Times has been at the forefront of investigating high-level corruption cases within the Chinese regime, with its reporters taking significant risks to uncover these stories. The organization has received several awards for its investigative journalism.

The organization has received several awards for its investigative journalism. For more, visit www.theepochtimes.com.

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