John Defterios: In Africa, the decision to shrink products has a long history. He says firms have realized that in order to keep their margins high, they have to appeal to consumers who are cash poor and can't get credit. More and more Africans are feeling the pinch from inflation, he says. And I think while the rest of the world is definitely struggling as well with a cost of living crisis, it's much more acute on the continent because consumers have far less wiggle room.
Elon Musk may be stepping down as chief executive, but he has already changed the firm’s fortunes—and shown that social media’s free-speech struggle is far from over. A bit of fried dough in Kenya reveals how cost-of-living concerns in Africa manifest as shrinkflation. And why members of South Korea’s pop behemoth BTS are headed into the armed forces.
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