"Buy Ton Of Food Now Because Grocery Costs Will Go Up Tremendously As We Enter 2023"

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"Buy Ton Of Food Now Because Grocery Costs

 Will Go Up Tremendously As We Enter 2023"

by Epic Economist

"Food industry executives have just issued a dire warning to all Americans: buy food now because grocery costs will go up tremendously and things will only get worse in 2023. In 2022, U.S. shoppers have dealt with some of the steepest price increases seen since the hyperinflation crisis that marked the 1970s. We paid on average 20 percent more on meat, 40 percent more on eggs, 17 percent more on breakfast cereal, 11 percent more on peanut butter, 42 percent more on gas, 27 percent more on electricity, 32 percent more on propane, kerosene, and firewood, and 12 percent more on appliances. According to an estimate from Moody’s Analytics, soaring inflation forced American households to spend an extra $445 per month to buy the same items they did last year. And food industry executives say that conditions are going to get even tougher in 2023.

Supermarket CEO John Catsimatidis, the owner of Gristedes and D’Agostino Foods, warned that food giants such as Kraft Heinz, Pepsico, and Mondelez will keep on passing higher costs on to consumers in the next year. The executive had previously stated that double-digit price increases will affect thousands of different items, adding that the trend will not drop “anytime soon.”

Catsimatidis noted that inflation and supply chain problems will continue to plague grocery store chains and other retailers around the United States. “I see food prices going up tremendously,” he said, highlighting that in the coming months, promotions will become harder to find, and also revealing that food manufacturers are dropping the production of low-moving items, which will result in more empty shelves soon.

Meanwhile, Egg Innovations CEO John Bruunquell, who acquired the first US patent for reduced-fat and -cholesterol eggs, echoed Catsimatidis’ concerns that the lower supply coinciding with labor, freight, and vendor issues won’t be enough to meet consumers’ demand. Bruunquell said that his business is still filling at 100 percent capacity, but has asked employees to work extra hours or days in order to keep up with the market. “If that trend continues, it’s going to put us in a challenging situation with meeting the demand,” he admitted.

“Whether it’s the selectors, the drivers, the loaders, there are interruptions in the system,” Catsimatidis continued. During an interview with Fox & Friends' Brian Kilmeade, the executive urged Americans to "buy now” because food inflation will only get much worse. "Between price increases and shrinkflation -- where it used to be 32 ounces, now it's going to be 28 ounces – it's anywhere from a 12 to a 20% increase in food prices," the billionaire CEO laid out. He encouraged U.S. shoppers nationwide to stock up on their favorite products to "get a better return on your investment," especially considering that prices are set to soar over the next three to four months."

- https://www.epiceconomist.com/