Billionaire supermarket owner on whether inflation could start to drop
Owner of New York City supermarket chain Gristedes, John Catsimatidis, weighs in on what consumers should expect over the Fourth of July holiday weekend.
United Refining Chairman and CEO John Catsimatidis argued on Tuesday that oil prices have reached their "peak," but food prices are continuing to rise.
"The prices will still go up during Fourth of July weekend," Catsimatidis, who is also the billionaire owner and CEO of New York City supermarket chain Gristedes, said on "Mornings with Maria" on Tuesday.
He added the prices of meat and poultry "are up another 30%," while eggs and "dairy continue to rise."
"The good news is I believe we have reached peak oil prices," he added. "I believe the $125, $130 level was the peak level and those prices are easing right now."
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Catsimatidis then argued that means "maybe inflation is going to go down."
Earlier this month the Labor Department revealed that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 8.6% in May from a year ago. Prices jumped 1% in the one-month period from April. Those figures were both higher than the 8.3% headline figure and 0.7% monthly gain forecast by Refinitiv economists.
The data marked the fastest pace of inflation since December 1981.