{"id":598310,"date":"2021-07-20T16:36:09","date_gmt":"2021-07-20T20:36:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=598310"},"modified":"2021-07-20T16:36:13","modified_gmt":"2021-07-20T20:36:13","slug":"grocery-billionaire-inflation-for-food-prices-will-hit-10-14-by-october","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/grocery-billionaire-inflation-for-food-prices-will-hit-10-14-by-october\/","title":{"rendered":"Grocery Billionaire: Inflation For Food Prices Will Hit 10-14% By October"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgrocery-billionaire-inflation-for-food-prices-will-hit-10-14-by-october%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=598310&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1234015046-scaled-1.jpg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>Businessman John Catsimatidis expects 10% to 14% food inflation by October.<\/span><\/p>\n<p><span>Catsimatidis \u2014 the owner and CEO of Manhattan-based grocery chain Gristedes Foods \u2014 told <\/span><a href=\"https:\/\/www.foxbusiness.com\/lifestyle\/inflation-will-lead-to-even-higher-grocery-prices-by-october-gristedes-ceo\"><span>Fox Business<\/span><\/a><span> that Americans can expect higher prices for basic expenses in the coming months.<\/span><\/p>\n<p><span>\u201cWe\u2019re both in the food business, and we\u2019re in the oil business. Food prices are getting higher, and we expect even more increases by October,\u201d he said. \u201cWe\u2019re seeing anywhere from 10% to 14% by October 1. It\u2019s a real number.\u201d<\/span><\/p>\n<p><span>\u201cAnd oil prices \u2014 I know they\u2019re a little bit off today, but I expect even higher numbers,\u201d Catsimatidis continued. \u201cIt\u2019s a sine wave \u2014 everything just goes up and down. I expect by October you\u2019re gonna have over a 6% annualized rate of inflation.\u201d<\/span><\/p>\n<p><span>When asked if businesses would pass higher costs to customers, he responded: \u201cYou have to pass it on, otherwise you\u2019re not doing your duty to guard\u2026 your employees and your company.\u201d<\/span><\/p>\n<p><span>The most recent data from the Department of Labor <\/span><a href=\"https:\/\/www.dailywire.com\/news\/inflation-rises-again-hits-5-4\"><span>shows<\/span><\/a><span> that inflation reached a year-over-year rate of 5.4%. Core inflation \u2014 which factors out food and energy costs \u2014 has risen year-over-year by 4.5%. Inflation surpassed the predictions of economists surveyed by Dow Jones.<\/span><\/p>\n<p><span>American consumers\u2019 own forecasts for price levels have also <\/span><a href=\"https:\/\/www.dailywire.com\/news\/inflation-expectations-under-biden-hit-highest-levels-on-record\"><span>hit<\/span><\/a><span> all-time highs. Median one-year inflation expectations reached 4.8% in June \u2014 a 0.8% increase since the previous month. In January, February, March, April, and May, one-year expectations were 3.0%, 3.1%, 3.2%, 3.4%, and 4.0%, respectively.<\/span><\/p>\n<p><span>During a speech on Monday, President Biden <\/span><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2021\/07\/19\/remarks-by-president-biden-on-the-economy-3\/\"><span>argued<\/span><\/a><span> that inflation is temporary in nature:<\/span><\/p>\n<blockquote readability=\"26\">\n<p><i><span>We also know that as our economy has come roaring back, we\u2019ve seen some price increases.&nbsp; Some folks have raised worries that this could be a sign of persistent inflation. But that\u2019s not our view. Our experts believe and the data shows that most of the price increases we\u2019ve seen are \u2014 were expected and expected to be temporary.<\/span><\/i><\/p>\n<p><i><span>The reality is, you can\u2019t flip the global economic light back on and not expect this to happen.&nbsp; As demand returns, there\u2019s going to be global supply chain challenges. We\u2019ve seen that in semi-conductors, which are used in automobiles. That global shortage has slowed vehicle production, creating a temporary spike in car prices. That\u2019s a real challenge. And my administration is doing everything we can to address it. But again, these disruptions are temporary.&nbsp;<\/span><\/i><\/p>\n<p><i><span>Now, I want to be clear: My administration understands that if we were to ever experience unchecked inflation over the long term that would pose real challenges to our economy.&nbsp; So while we\u2019re confident that isn\u2019t what we are seeing today, we\u2019re going to remain vigilant about any response that is needed.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>Despite rising inflation, the Federal Reserve \u2014 which controls monetary policy in the United States \u2014 has not yet laid out a plan to <\/span><a href=\"https:\/\/www.dailywire.com\/news\/after-another-record-inflation-report-the-fed-will-not-taper-monetary-policy\"><span>taper<\/span><\/a><span> its aggressive stimulus measures. Currently, the central bank is buying $120 billion in bonds from the private market in order to pump liquidity into the American economy.<\/span><\/p>\n<p><span>The federal funds rate \u2014 which the Fed attempts to decrease in order to encourage economic activity \u2014 presently ranges between 0% and 0.25%.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Businessman John Catsimatidis expects 10% to 14% food inflation by October.Catsimatidis \u2014 the owner and CEO of Manhattan-based grocery chain Gristedes Foods \u2014 told Fox Business that Americans can expect &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-598310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/598310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=598310"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/598310\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=598310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=598310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=598310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}