Billionaire Supermarket Chain Owner Warns Inflation 'Here to Stay'

Gristedes grocery chain owner John Catsimatidis warned inflation is “here to stay” during a Monday appearance on FOX Business’ Varney and Co., as Americans continue to pay more for goods and services under the Biden administration.

A transcript is as follows:

STUART VARNEY: When does inflation start to plateau and come down?

JOHN CATSIMATIDIS: Crude oil is $70 a barrel. Give me a break. You think this is going to go down? You think the Saudis, Russians, are going to except less than $70 a barrel? It’s not going to happen. They said they are going to try to limit it to $75 a barrel, so the transportation costs are forever, the shortages in labor — if we get the people back to work and stop giving out unemployment checks — that will help transportation costs on that end. But I don’t see prices going down in the near future. The price of crude oil is not going down and inflation is here to stay.