Sumary of Grocery Prices Could Rise 10-14% By October, Grocery Chain CEO Warns:
- Authored by Brad Polumbo via The Foundation for Economic Education,American families are already struggling amid mounting price inflation that’s eating away at their budgets, with higher costs for housing, vehicles, and more.
- Yet a top CEO is warning that the growing inflation problem facing Americans could get much worse in the coming months.
- The latest June data already show price inflation at a 13-year high, with prices having risen 5.4 percent year-over-year.
- Proponents of the big-government policies driving much of this increase insist the uptick in prices is only temporary.
- But billionaire and grocery chain CEO John Catsimatidis just predicted that overall price inflation, for consumer goods generally, will hit a 6 percent annualized rate by October.
- In an interview with Fox Business, the CEO warned that his industry is seeing skyrocketing costs on the supply chain side, and that businesses will have to raise prices for consumers as a result.
- “Food prices are getting higher, and we expect even more increases by October,” Catsimatidis said.
- ” While we can’t know for certain, Catsimatidis said rising costs could mean an astounding 10 to 14 percent specific increase in grocery prices by October.