Businessman John Catsimatidis expects 10% to 14% food inflation by October.
Catsimatidis — the owner and CEO of Manhattan-based grocery chain Gristedes Foods — told Fox Business that Americans can expect higher prices for basic expenses in the coming months.
“We’re both in the food business, and we’re in the oil business. Food prices are getting higher, and we expect even more increases by October,” he said. “We’re seeing anywhere from 10% to 14% by October 1. It’s a real number.”
“And oil prices — I know they’re a little bit off today, but I expect even higher numbers,” Catsimatidis continued. “It’s a sine wave — everything just goes up and down. I expect by October you’re gonna have over a 6% annualized rate of inflation.”
When asked if businesses would pass higher costs to customers, he responded: “You have to pass it on, otherwise you’re not doing your duty to guard… your employees and your company.”
The most recent data from the Department of Labor shows that inflation reached a year-over-year rate of 5.4%. Core inflation — which factors out food and energy costs — has risen year-over-year by 4.5%. Inflation surpassed the predictions of economists surveyed by Dow Jones. – READ MORE
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