As reported by the Epoch Times, the owner of New York’s Gristedes and D’Agostino Foods warned of coming food shortages and price hikes.
John Catsimatidis, a successful businessman with expertise in the food industry, said Monday in an interview with Fox Business: “I see over 10 percent [price increases] in the next 60 days.”
Catsimatidis warned that food industry leaders such Nabisco, PepsiCo, and Coca-Cola will prioritize raising prices on products and that supply chain bottlenecks and rising inflation will create problems for supermarkets and other United States retail businesses.
Catsimatidis said: “I see food prices going up tremendously [because food company CEOs] want to be ahead of the curve, and the way they’re doing it is they’re dropping all promotions… [and] low-moving items.”
Industry experts cite COVID-19, shutdowns, energy shortages in the U.K. and China, and supply chain and distribution problems in the U.S. as contributing factors to price hikes and shortages.
U.S. Secretary of Transportation Pete Buttigieg has been widely criticized for the breakdown in the supply chain. In a CNN interview, Buttigieg indicated that America’s supply chain shortage will drag into 2022.
In response to the growing problem, the White House recently announced that Walmart, FedEx, and UPS have committed to adding more night shifts to alleviate shipping issues. The Biden Administration also indicated that the Port of Los Angeles committed to 24/7 shifts.
Many Americans are struggling as prices at gas stations have increased 42% in the last year, and grocery store staples such as eggs, meat, and poultry have increased more than 10%.
The Department of Labor reports that the consumer price index has risen 5.4% this year. In 2020, the consumer price index rose 1.2%.