October 19, 2021

Enormous Food Cost Increases Coming For Middle Class From Papa Joe Biden

MidWestly [10/19/2021]

More than a 10% increase, apparently.

According to Yahoo:

  • Food prices will climb 10% within two months, the owner of supermarket chain Gristedes predicted.
  • John Catsimatidis told Fox that food companies would drop promotions and stop selling low-volume goods.
  • “If you have ten different types of muffins, they’re only going to sell the top three,” he said.

John Catsimatidis, the billionaire supermarket owner, has predicted that food prices will spike 10% in the next two months.

Catsimatidis, the owner and president of the New York City supermarket chain Gristede, told Fox’s “Mornings with Maria” that food prices were “going up faster than anybody expected.”

“I see over 10% in the next 60 days,” he said, per a Fox Business report.

He didn’t specify how much would be passed onto shoppers, but said he was “concerned” that people are paying more.

Prices of food are spiking because, in part, of falling production, caused by a shortage of workers and supply-chain problems such as shipping delays. This is paired with increasing consumer demand.

The trend won’t reverse “anytime soon,” Catsimatidis said, per the Fox Business report.

Food companies “want to be ahead of the curve,” Catsimatidis said – and to do that they’re “dropping all promotions” and “low-moving items.”

“In other words, if you have ten different types of muffins, they’re only going to sell the top three,” he said.

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