A billionaire grocery-store owner predicts food prices will surge 10% over the next 2 months

A billionaire grocery-store owner predicts food prices will surge 10% over the next 2 months

John Catsimatidis, the billionaire supermarket owner, has predicted that food prices will spike 10% in the next two months. Catsimatidis, the owner and president of the New York City supermarket chain Gristede, told Fox's "Mornings with Maria" that "going up faster than anybody expected." "I see over 10% in the next 60 days," he said, per a report. He didn't specify how much would be passed onto shoppers, but said he was "concerned" that people are paying more. because, in part, of , caused by a and supply-chain such as shipping delays. This is paired with increasing consumer demand. The trend won't reverse "anytime soon," Catsimatidis said, per the Fox Business report. Food companies "want to be ahead of the curve," Catsimatidis said — and to do that they're "dropping all promotions" and "low-moving items." "In other words, if you have ten different types of muffins, they're only going to sell the top three," he said. He said he expected big brands such as Pepsi, Coca-Cola, and others to only sell their main products, stop promotions, and . For example, Coca-Cola might cut back on cherry-flavored Coke, he said. Insider asked Coca-Cola and PepsiCo for comment, but did not immediately