Appearing Monday on the Fox Business Network, Gristedes grocery chain owner John Catsimatidis warned that food prices will continue to soar as President Joe Biden’s administration struggles to contain rising inflation.
A transcript is as follows:
MARIA BARTIROMO: We’re talking about the disruptions in the supply chain and inflation being real issues, what are you seeing from your stand point in regards to both of those issues?
JOHN CATSIMATIDIS: We’re both in the oil business and food business, so I see all the ends of the chain. We’re at almost 84 dollars for oil this morning. We’re going to see $100 oil, it looks like. There’s no sign of it stopping. You know how how CEOs are on Wall Street, they live quarter by quarter. If they are off by a penny in earnings, Wall Street is not forgiving. So what are the CEOs doing? They’re raising prices. They want to be ahead of the curve. I see food prices going up tremendously, they want to be ahead of the curve and the way we are doing it is they are dropping all promotions, they are dropping low-moving items.