Food Prices Are About to Increase, According to This Supermarket Owner

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In the past year, the food industry has been hit with myriad supply chain issues. So much so that food prices have been on the rise, reports The Washington Post. These costs will only increase over the next few weeks, according to John Catsimatidis, owner of Gristedes, a supermarket chain in New York City.

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In an interview with Fox Business, Catsimatidis shares that he sees "food prices going up tremendously." This is due to companies getting rid of promotions and dropping less popular items in order to "get ahead of the curve," says Catsimatidis. "[Prices] are going up faster than anybody expected," he adds. "It's a little bit out of control."

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So, how much will the food costs rise, exactly? According to Fox Business, Catsimatidis predicts food prices will increase by 10% within the next 60 days, or two months. Unfortunately, this means shopping for the holidays might be more expensive than usual this year.

How to save money on groceries:

Although we can't control the rising cost of food, there are plenty of ways to save money at the grocery store.

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One method is to cut back on meat. Compared to fresh vegetables and fruits, meat products have experienced larger price hikes in the past year, according to the United States Department of Agriculture.

Other ways to save money on food include:

  • Plan meals based on ingredients you already have.
  • Make a shopping list — and stick to it.
  • Sign up for your grocery store's rewards program.
  • Use a rebate app, like Ibotta.
  • Buy seasonal produce.
  • Stock up on your staples when they go on sale.
  • Buy in bulk.
  • Store food properly to prevent unnecessary waste.

Also, avoid grocery shopping when you're hungry. Otherwise, you might be tempted to purchase products that you normally wouldn't buy.

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