Billionaire supermarket CEO: Buy now, food inflation will only get much worse
John Catsimatidis says food prices could increase 20% by summer
Oil prices can decrease if US was ‘energy independent’: Billionaire supermarket CEO
Red Apple Group Chairman and CEO John Catsimatidis argues if Biden declared energy independence and changes his policies price of oil and gas will decrease.
John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, urged Americans to "buy" now because food inflation will only get much worse.
"I've seen price increases coming through for the month of March. I've seen them coming through April and May. Between price increases and shrinkflation -- where it used to be 32 ounces, now it's going to be 28 ounces – it's anywhere from a 12 to a 20% increase in food prices," Catsimatidis told Brian Kilmeade on "Fox & Friends," Tuesday.
WHOLESALE PRICES SOAR 10% IN FEBRUARY, HIGHEST LEVEL ON RECORD
The billionaire CEO encouraged Americans nationwide to stock up on their favorite products to "get a better return on your investment," especially if prices soar over the next three or four months.
A person shops in the meat section of a grocery store. (Photo by Mario Tama/Getty Images) ((Photo by Mario Tama/Getty Images) / Getty Images)
Meanwhile, inflation hit a new 40-year high in February, climbing up to 7.9%, mainly due to an increase in gas prices.
On Tuesday, the national average of a gallon of gas was $4.32, according to AAA.
Catsimatidis, who is also the CEO of United Refining, argued that if President Biden declared energy independence and changed his policies, the price of oil and gas will decrease.
Billionaire supermarket owner: Biden must return production to North America
Gristedes and D'Agostino Foods Chairman and CEO John Catsimatidis discusses the impact of record-high oil prices on the overall economy.
"North America could probably do 50 million barrels a day, become energy independent. Why do we have to depend on OPEC? Why do we have to depend on Russia? Why do we have to depend on Venezuela and foreign sources?" he asked.
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"We should [be]… energy independent and could be energy independent, and that's if President Biden got up and said, ‘We are going to be energy independent for North America,’ I think the price of oil over the next 90 days could go down to half price," he added.