John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, urged Americans to "buy" now because food inflation will only get much worse.
"I've seen price increases coming through for the month of March. I've seen them coming through April and May. Between price increases and shrinkflation -- where it used to be 32 ounces, now it's going to be 28 ounces – it's anywhere from a 12 to a 20% increase in food prices," Catsimatidis told Brian Kilmeade on "Fox & Friends," Tuesday.
A woman shops in a produce section in New York City. (Photo by Stephen Chernin/Getty Images)
The billionaire CEO encouraged Americans nationwide to stock up on their favorite products to "get a better return on your investment," especially if prices soar over the next three or four months.
Meanwhile, inflation hit a new 40-year high in February, climbing up to 7.9%, mainly due to an increase in gas prices.
On Tuesday, the national average of a gallon of gas was $4.32, according to AAA.
Catsimatidis, who is also the CEO of United Refining, argued that if President Biden declared energy independence and changed his policies, the price of oil and gas will decrease.
"North America could probably do 50 million barrels a day, become energy independent. Why do we have to depend on OPEC? Why do we have to depend on Russia? Why do we have to depend on Venezuela and foreign sources?" he asked.
"We should [be]… energy independent and could be energy independent, and that's if President Biden got up and said, ‘We are going to be energy independent for North America,’ I think the price of oil over the next 90 days could go down to half price," he added.