“Inflation is here to stay,” he said on FOX Business’ “Varney and Co.”
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.
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.
Catsimatidis argued higher transportation costs will be around “forever.”
“Crude oil is $70 a barrel,” he said. “Do you think the Saudis, the Russians are going to accept less than $70 a barrel? It’s not going to happen.”
Catsimatidis went on to say transportation costs could be lowered if labor shortages improve, especially if the country stops “giving out unemployment checks.”
“I don’t see prices going down in the near future and the price of crude oil is not going down,” he added.
FOX Business’ Jonathan Garber contributed to this article.