Appearing Tuesday on the Fox Business Network, John Catsimatidis, billionaire CEO of the Gristedes supermarket chain, warned that food prices are still rising as the Biden administration continues to struggle to contain surging inflation going into this year’s 4th of July celebrations.
A transcript is as follows:
DAGEN MCDOWELL: Have prices eased at all, these price increases in the last few weeks?
JOHN CATSIMATIDIS: I will give you the good news and the bad news. The prices are going to still go up during 4th of July weekend. Meat, poultry are up another 30 percent. Eggs, dairy continue to rise. That’s the bad news. The good news is, I believe, we have hit peak oil prices. I believe the 125, 135 level was the peak level. Those prices are easing right now. What does that mean? That means maybe inflation is going to go down.