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Billionaire CEO warns of food shortages as Biden's policies 'hurt the American people'
John Catsimatidis predicts food, product shortages as rates rise
United Refining Company and Gristedes CEO John Catsimatidis says peak food prices will arrive in September this year.
After BlackRock CEO Larry Fink warned Americans should be more concerned with food prices than oil prices, United Refining Company and Gristedes CEO John Catsimatidis voiced similar concerns Tuesday on "Mornings with Maria."
"You need optimism from the White House point of view to the American people, because everything that's been done lately has hurt the American people and helped the rest of the world," Catsimatidis told FOX Business’ Jackie DeAngelis. "There is a problem in food prices that could happen as interest rates go up, as there will be shortages of certain products."
The CEO’s comments come just days after Fink cautioned rising food prices could have serious geopolitical consequences, and U.S. inflation hit a new four-decade high soaring to 9.1% June.
Even though gas prices nationwide have dropped more than 52 cents since reaching a record high on June 14, Catsimatidis warned inflation’s worst is yet to come.
SKYROCKETING INFLATION FORCES SHOPPERS TO WORK OVERTIME AND CHANGE DIETS AS PRICES SOAR