Inflation is about to get significantly worse, radio show host and retail grocer John Catsimatidis warned on Sunday on his own “The Cats Roundtable” radio show on WABC 770 AM.
As a retail grocer, Catsimatidis said that he is aware not only about the facts concerning influences on the economy, but that he has “the pulse of the situation” from what is going on in his stores.
Catsimatidis cautioned that “there are price increases coming through from food manufacturers that are not public yet that could rock somebody’s socks.”
He gave two examples of large retailers about ready to push up prices significantly, saying that “PepsiCo has announced that they are coming up with big increases” and major cookie supplier Nabisco “gave us a price increase that’s coming through in November – anywhere from 4% to 14%.”
He cited the doubling of oil to almost $80 a barrel as a major reason for the price increase, which means the cost of transportation is significantly higher and is passed on to the consumer through higher prices at stores.
Catsimatidis noted that the oil was as low as about $40 a barrel during the time former President Donald Trump was in the White House.
He said that although President Joe Biden has promised no tax increases on ordinary Americans, such price increases are like a tax, because “the poor and the middle class [are] paying more for their food, they’re paying double the price for their gasoline.”
Catsimatidis said what makes the situation more absurd is that Biden halted work on an American pipeline for bringing oil and allowed Russia to open up their controversial one
He also charged that the [Biden Administration] wants to raise the price of gasoline so high that people will say, “maybe we should go to electric cars.”
Catsimatidis noted that this is particularly strategically dangerous because “all the batteries for the electric cars are made by China.”
To make matters worse, he said that the withdrawal from Afghanistan now deprives the United States of easier access to the world’s largest lithium deposits.