Consumer Advocates , Warn of
'Shrinkflation' , and Budget Concerns
for Shoppers.
ABC News reports that consumer
advocates are voicing concerns
regarding "Shrinkflation.".
'Shrinkflation' is a term used
to describe implicitly increasing
the price of an item by slightly
decreasing the amount or
quantity in a package, Steve Reed, an economist at the Bureau of Labor Statistics, via ABC.
So you're basically having the consumer pay the same price but getting less for their money, Edgar Dworsky, consumer advocacy lawyer,
via ABC.
According to the latest data from the
Consumer Price Index, the cost of everyday
goods has jumped 5% in the last year. .
That's the largest increase
since August 2008.
The upward trend has stoked fears
of inflation among economists and
budget concerns for shoppers. .
ABC News asked Edgar Dworsky, a
consumer advocacy lawyer, how
people can be aware of shrinkflation. .
He suggests memorizing the net weight
of frequently purchased items.
Most products do not advertise
that there is less in the package. .
That's kind of how manufacturers
take advantage, because you don't
have those sizes memorized. So what
consumers can do is they have to
become net-weight conscious, Edgar Dworsky, consumer advocacy lawyer,
via ABC.
Dworsky says that this kind of
downsizing has been going on
for "decades and decades.".
It is often triggered by an increase
in raw materials, which many
companies are experiencing amid
global supply chain disruptions