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Lower grocery prices could soon hit store shelves near you, according to John Catsimatidis, CEO of Gristedes and D’Agostino supermarket chains. In an interview on FOX Business’ “Mornings with Maria”, Catsimatidis revealed that Americans can expect food prices to decrease in the next three months.
“Egg prices have come down substantially, and food prices will start to come down over the next three months,” he predicted. His positive outlook aligns with his chains’ ongoing efforts to reduce prices at their Manhattan-based stores. As a prominent businessman and owner of multiple companies, Catsimatidis has a unique perspective on market trends and economic shifts.
Oil Price Predictions Could Impact Grocery Costs
Catsimatidis, also the leader of United Refinery Company, believes the drop in oil prices could play a crucial role in further reducing grocery costs. He forecasts oil prices to fall to $55 to $65 per barrel within the next three to six months, which he believes will drive down the cost of production and transportation.
“If Canada elects a more conservative government in the upcoming elections, we could see an opportunity for a deal with President Trump, potentially boosting the oil sector,” Catsimatidis explained. He specifically referred to potential pipeline deals that could be made if Canada’s Conservative Party aligns with President Trump’s energy policies, suggesting positive outcomes for energy prices.
How Lower Oil Prices Impact Supermarkets
Catsimatidis emphasized the direct connection between oil prices and grocery costs. When oil prices decrease, it impacts diesel prices, which reduces transportation costs for factories and supermarkets alike. “Lower oil prices mean lower diesel costs, which means lower prices in transportation and supermarket shelves,” he stated. He believes that lower grocery prices will stick, providing lasting relief to consumers once the oil sector adjusts.
Energy Prices and Economic Growth
As an energy industry veteran, Catsimatidis views energy and oil pricing as critical factors in determining overall economic health. He expressed confidence that with lower energy costs, consumers will see substantial savings not only on groceries but also in other sectors reliant on transportation and energy. This potential shift could also promote economic stability and benefit American households.
