He announced the timeline.
Lower grocery prices may soon be on the horizon, according to John Catsimatidis, the CEO of Gristedes and D’Agostino, two supermarket chains based in New York City. Speaking to FOX Business on Monday, Catsimatidis predicted that food prices, including eggs, which have already dropped significantly, will continue to decline over the next few months.
His optimistic outlook comes as both of his grocery chains in Manhattan have already started reducing prices. In addition to his work in the grocery industry, Catsimatidis, who is also an influential figure in the energy sector, anticipates that oil prices could fall to between $55 and $65 per barrel over the next three to six months.
He also suggested that if Canada elects a more conservative government in upcoming elections, the country may be more inclined to negotiate pipeline deals with former President Donald Trump, which could boost the oil sector. Catsimatidis emphasized that a conservative government in Canada, coupled with Trump in office and Lee Zeldin leading the EPA, could create opportunities for increased oil pipeline projects, benefiting both countries.
With potential relief in fuel prices, Catsimatidis believes that lower grocery prices will be sustainable. “As oil prices drop, so do diesel prices, which affect factories, transportation, and supermarkets,” he explained, noting that lower transportation costs would ultimately reduce the overall cost of goods in stores.
