Beware of Skimpflation: A Decline in Quality

Consumer products, particularly food items like sandwiches and pesto, are experiencing a decline in quality, termed skimpflation. This trend reveals that companies are using cheaper, less desirable ingredients, leading to a decrease in taste and satisfaction. Factors contributing to skimpflation include global economic disruptions post-COVID and geopolitical events, such as the invasion of Ukraine. The rising costs of essential ingredients, exemplified by a 40% annual increase in the price of olives since 2020 and the detrimental effects of climate change on olive harvests, underscore the challenges facing food quality. As product standards drop, consumers are increasingly dissatisfied, opting to reject items that no longer meet their expectations.