New York billionaire John Catsimatidis (John Catsimatidis), the owner of the supermarket chain Gristede, said on Tuesday that he expects US food prices to rise 10% in the next two months.

In an interview, he said that food prices “are rising faster than everyone expected. I expect it to be over 10% within the next 60 days.”

He didn't specify how much of the cost would be passed on to shoppers, but he said he was “concerned” that people would spend more on food.

Food prices in the US are soaring, partly due to declining production due to supply chain issues such as worker shortages and shipping delays. At the same time, consumer demand continues to increase.

Kazimatidis said that this trend will not be reversed “in the short term.”

Catsimatidis is also the owner and CEO of the real estate and airline Red Apple Group, and the CEO of oil refining company United Refining Company.