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.”
Billionaire hedge fund manager Paul Tudor Jones believes that inflation is here to stay, posing a major threat to the U.S. markets and economy.
“I think to me the number one issue facing Main Street investors is inflation, and it’s pretty clear to me that inflation is not transitory,” Jones said on CNBC’s “Squawk Box” Wednesday. “It’s probably the single biggest threat to certainly financial markets and I think to society just in general.”
Jones said the trillions of dollars in fiscal and monetary stimulus is the culprit for inflation to run hotter for longer. To rescue the economy from the Covid-19 pandemic, the Federal Reserve has been buying more than $3 trillion in its open-ended quantitative easing program, while the U.S. government has unleashed over $5 trillion in fiscal stimulus.
Confident consumers have swallowed higher supermarket prices so far this year, but the risk of indigestion is growing. For companies that make staple goods, asking for more money is delicate.
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