United Refining Company and Gristedes CEO John Catsimatidis discusses inflation and ‘out of control’ crime in New York City on ‘Varney & Co.’
United Refining Company and Gristedes CEO John Catsimatidis revealed the "simple" solution to lowering inflation, which currently sits near 40-year highs.
Speaking on "Varney & Co." Wednesday, the billionaire businessman also revealed America’s "salvation" as it pertains to lowering energy prices, stressing that they would drop "if North America opened up its spigots."
The Labor Department revealed earlier this month that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.5% in July from a year ago, below the 9.1% year-over-year surge recorded in June. Prices were unchanged in the one-month period from June.
Those figures were both lower than the 8.7% headline figure and 0.2% monthly gain forecast by Refinitiv economists, likely a welcoming sign for the Federal Reserve as it seeks to cool price gains and tame consumer demand.
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Inflation cools in July as headline figure drops to 8.5%
Inflation eases as July CPI drops to 8.5 percent. FOX Business’ Cheryl Casone discusses the latest.
Scorching-hot inflation has created severe financial pressures for most U.S. households, which are forced to pay more everyday necessities like food and rent.
Although there was some real reprieve for U.S. households in July in the form of lower energy prices, which contributed to the decline in headline inflation, price hikes remaining stubbornly high for other items, including food.
UNITED STATES OIL FUND L.P.
UNITED STS BRENT OIL FD LP UNIT
The food index climbed 1.1% in July, putting the 12-month increase at 10.9%, the highest since May 1979. Consumers paid more for items like cereal, chicken, milk and fresh vegetables.
On Wednesday afternoon, U.S. West Texas Intermediate (WTI) crude was trading lower at around $90.08 per barrel, while Brent, the global benchmark, was trading down at $96.59.
INFLATION IS STILL WIPING OUT THE AVERAGE AMERICANS' WAGE GAINS