Shrinkflation is when consumers pay the same price for less of a product, such as fewer items in a packet or reduced quantity, allowing companies to increase profits subtly. Skimpflation, on the other hand, involves reducing product quality or ingredients to cut costs. While shrinkflation is factored into tracking inflation by adjusting for reduced quantity, skimpflation is not commonly monitored.
One of the things we rely on is for the companies who make the stuff we need to not stick it to us, the customer. But it’s become painfully clear that’s just what happened during the pandemic and that it’s still happening today. What can we do about it?
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