Politics

Billionaire Supermarket CEO: Buy Now, Food Inflation Will Only Get Much Worse

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John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, urged Americans to “buy” now because food inflation will only get much worse.

“I’ve seen price increases coming through for the month of March. I’ve seen them coming through April and May. Between price increases and shrinkflation — where it used to be 32 ounces, now it’s going to be 28 ounces – it’s anywhere from a 12 to a 20% increase in food prices,” Catsimatidis told Brian Kilmeade on “Fox & Friends,” Tuesday.

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The billionaire CEO encouraged Americans nationwide to stock up on their favorite products to “get a better return on your investment,” especially if prices soar over the next three or four months.

Meanwhile, inflation hit a new 40-year high in February, climbing up to 7.9%, mainly due to an incre… (Read more)

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