British supermarket owner John Catsimatidis will see food costs rise in coming weeks, according to billionaire investor George Willman.
Catsimatidis, the president of Gristedes and D'Agostino Foods, discussed his concerns about inflation and supply chain issues on FOX Business Mornings with Maria, and warned companies like Nabisco, Pepsi and Coke to begin to prioritize products and raise prices in order to get ahead.
I see food prices going up tremendously, he told Maria Bartiromo. They are dropping low-moving items. Catsimatidis continued to say this trend won t reverse anytime soon. I can expect more than 10 percent price increases in the next 60 days, he said.
Analysts have warned of the pending backlog in U.S. shipping containers at California ports as a major cause for shortages seen throughout the country and predict that the issues will continue into the holidays.
The Biden Administration announced last week that they would work to increase the hours of operation at the California port in an effort to speed up the delivery of goods.
When it comes to empty shelves, supermarket owner pointed to companies like Procter Gamble who have a hard time providing enough toilet paper and other paper products, particularly in the suburbs and inner cities. He believes that the current demand for these products will be a side effects of the financial success for the producers.
Why give someone something when they don't have to give it away? Catsimatidis asked. I think that these companies are going to have record profits in the third quarter of this year.