Posted on Jul 25, 2021
Grocery Prices Could Rise 10 to 14 Percent By October, Grocery Chain CEO Warns | Brad Polumbo
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https://fee.org/articles/grocery-prices-could-rise-10-to-14-percent-by-october-grocery-chain-ceo-warns/?utm_source=email&utm_medium=email&utm_campaign=2020_FEEWeekly
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. “You have to pass [those extra costs] on [to consumers] or you’re not doing your duty to God, your country, your employees, and your company.”
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. That’s truly a shocking amount. But this warning offers more than insight into the grocery industry. It’s a painful reminder of how price inflation hurts everyday Americans.
When we hear terms like “Consumer Price Index” or “expansionary monetary policy,” the conversation surrounding inflation quickly becomes inaccessible for many people, whose eyes understandably glaze over amid discussion of the abstract-seeming phenomenon. But at its core, price inflation is simply a question of our purchasing power being eroded. Because what really matters is not the number on our paychecks, it’s what that number can buy us.
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. “You have to pass [those extra costs] on [to consumers] or you’re not doing your duty to God, your country, your employees, and your company.”
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. That’s truly a shocking amount. But this warning offers more than insight into the grocery industry. It’s a painful reminder of how price inflation hurts everyday Americans.
When we hear terms like “Consumer Price Index” or “expansionary monetary policy,” the conversation surrounding inflation quickly becomes inaccessible for many people, whose eyes understandably glaze over amid discussion of the abstract-seeming phenomenon. But at its core, price inflation is simply a question of our purchasing power being eroded. Because what really matters is not the number on our paychecks, it’s what that number can buy us.
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Edited >1 y ago
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This is just a small taste of what’s to come if the value of the dollar is suddenly replaced with the “new international currency”, the IMF’s Special Drawing Rights, as Biden and many European leaders are advocating. That move could devalue pensions and federal employee wages to levels we’ve not seen in this country. The Epoch Times newspaper had a story on that on Friday. As a retiree, it sure got my attention.
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If people want to save money, and they have access to a local farmer, or a butcher shop that isn't chain owned, the prices can be cut drastically Lt Col Charlie Brown
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Lt Col Charlie Brown
But only temporarily as the prices of everything they use to produce those will also go up
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SGT David A. 'Cowboy' Groth
Lt Col Charlie Brown - Very true, but the prices would still be lower than what the stores charge ma'am, try to buy the equvilant of a full size hog at the store, and see what it cost compared to buying from a farmer and having it butchered.
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SGT David A. 'Cowboy' Groth
A1C Mike Allen - True but if you offer the farmer fair market price for say a hog, you save in the long run brother.
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