Billionaire Supermarket CEO Warns of Price Hikes and Shortages on Meat, Eggs

by Amanda Glover
(Photo by Michael Loccisano/Getty Images)

Well, it looks like Omicron has done it again! Only this time, it’s causing shortages on supermarket items.

The new COVID-19 variant, Omicron, continues to take its toll on people around the world. Its recent effects on the U.S. supply chain are likely to soon cause supply shortages on meat and eggs. This is due to recent increases in grocery store prices.

Billionaire Gristedes CEO, John Catsimatidis, made a statement to FOX & Friends. “Omicron is taking its toll at different levels of the supply chain, whether it’s the warehouses, whether it’s the selectors, the drivers the loaders — and as they call in sick there are interruptions in the system,” Catsimatidis told Todd Piro during an appearance on “Fox & Friends First.”

According to Catsimatidis, many interruptions in supermarkets will continue over the next six weeks as the COVID-19 variant affects the labor market. The owner of The United Refining Company added that the Northeast is seeing the price of certain products rise. This included eggs, poultry, and beef, rise due to low supply and high requests. 

“Let’s say they normally sell 10 million pounds of chicken. They figured if they raise the price 10 or 20 cents some people will buy less chicken and the people that want to buy the chicken — it will be there for them to buy,” Catsimatidis explained. 

He also mentioned how the supply chain shortages and price increases have only worsened by increasing the cost of oil. This is due to the necessity for traveling.

Supermarket Companies That Look to Raise Prices This Year

The recent increases in prices and supply chain shortages continue to affect supermarket stores across the U.S. Many of our favorite brands are already adjusting to the new changes. This is likely to make walking out of our favorite grocery store with a cart full of foods not as satisfying.

As we continue to adjust to 2022, American multinational food company, Kraft-Heinz expects to bring large price increases. They also announced that they are estimating a price increase of up to 20% on many of their items. Keep that in mind if you’re a fan of their macaroni & cheese, lunch meats, and jello pudding.

Some of our other favorite brands aren’t letting us off too easily as well. The makers of Oreo cookies, Ritz crackers, and Mondlelez International announced that their prices will be increasing by as much as 6 to 7% this month.

Sorry, soup fans. We’re not off the hook either. The Campbell Soup Company, General Mills, and others have also announced their plans to raise prices next early this month.

With many of us preparing to adjust to this new way of shopping, we might have to temporarily say goodbye to some of our favorite brands. Once we find the reasonably-priced ones that satisfy us as much as previously, our wallets and bank accounts will share the joy.