Billionaire John Catsimatidis warns of meat, egg shortages as Omicron disrupts supply chain

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The current affect of Omicron on the U.S. supply chain has triggered grocery costs to extend and will quickly affect the supply of meat and eggs, in accordance with billionaire Gristedes CEO John Catsimatidis.

“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 advised Todd Piro throughout an look on “Fox & Friends First.”

Catsimatidis went on to say that many of these interruptions will proceed over the subsequent six weeks as the COVID-19 variant impacts the labor market. The United Refining Company proprietor added that the Northeast specifically is seeing the value of varied merchandise, together with eggs, poultry, and beef, go up as a result of of low supply and excessive demand. 

“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 really want to buy the chicken — it will be there for them to buy,” mentioned Catsimatidis. 

He added that the value hikes and supply chain shortages have been exacerbated by the rising price of oil, which is critical for transportation. 

Meanwhile, Egg Innovations CEO John Bruunquell, who acquired the primary U.S. patent for lowered fats and ldl cholesterol eggs, echoed Catsimatidis’ sentiment on “Fox & Friends” with co-host Ainsley Earhardt, warning that an uptick in demand coinciding with labor, freight and vendor points might quickly hamper egg supply. 

The worth of pork rose 16.8% in November 2021.
Bloomberg through Getty Images

Bruunquell famous that his business continues to be filling at one hundred pc capability, however has requested workers to work further hours or days so as to sustain with the market. 

“If that trend continues it’s going to put us in a challenging situation with meeting the demand.”

In November, the value of beef rose practically 21 % year-over-year, whereas pork and rooster elevated 16.8 and 9.2 %, respectively, in accordance with the Bureau of Labor Statistics. 

Catsimatidis took a stab at politics, operating for mayor in 2013.
Getty Images

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