Home Clips Billionaire Supermarket Chain Owner Warns Inflation ‘Here to Stay’

Billionaire Supermarket Chain Owner Warns Inflation ‘Here to Stay’


Gristedes grocery chain owner John Catsimatidis warned inflation is “here to stay” during a Monday appearance on FOX Business’ Varney and Co., as Americans continue to pay more for goods and services under the Biden administration.

A transcript is as follows:

STUART VARNEY: When does inflation start to plateau and come down?

JOHN CATSIMATIDIS: Crude oil is $70 a barrel. Give me a break. You think this is going to go down? You think the Saudis, Russians, are going to except less than $70 a barrel? It’s not going to happen. They said they are going to try to limit it to $75 a barrel, so the transportation costs are forever, the shortages in labor — if we get the people back to work and stop giving out unemployment checks — that will help transportation costs on that end. But I don’t see prices going down in the near future. The price of crude oil is not going down and inflation is here to stay.


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