John Catsimatidis believes that inflation at the gas pump and in the grocery aisle isn’t going away anytime soon.
"Inflation is here to stay," he said on FOX Business' "Varney and Co."
Catsimatidis, who runs the Gristedes grocery chain in New York and is also in the oil business, said manufacturers are "panicking" as food, energy and transportation costs go up.
His comments come as the Labor Department said Tuesday that the consumer price index rose 5.3% year over year last month, matching economists’ expectations.
Energy prices rose 2% last month, mostly due to a 2.8% increase in the gasoline index. Food prices were up 0.4%.
Catsimatidis also pointed to the shortage of truck drivers adding to his business problems.
Catsimatidis comments contradict The Federal Reserve, which has held firm in its belief that inflation is "transitory" and that price pressures will ease as supply-chain disruptions caused by COVID-19 are resolved.