From FoxBusiness.com….
John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, warned on Monday that inflation will lead to even higher grocery prices by October.
Speaking on “Varney & Co.” on Monday, Catsimatidis said he expected that “by October you’re going to have over a 6% annualized rate of inflation.”
Catsimatidis, who is also the CEO of Red Apple Group, a real estate and aviation company, made the prediction one week after it was revealed that U.S. consumer prices rose last month at the fastest pace since August 2008.
The Labor Department said Tuesday that prices rose 5.4% year over year with prices trending higher every month this year. Analysts surveyed by Refinitiv were expecting prices to rise 4.9% annually.
