This isn’t my usual scam article but the subject impacts all of us who shop for groceries and personal items.
“Shrinkflation” and “skimpflation” practices aren’t scams but they are practices that affect the size of products we purchase as well as the quality of our purchases, and we can be misled. This hits us in the wallet and also affects our overall health.
According to an article published by Business Insider, consumer food prices have risen 10.9% over the past year, which is the biggest 12-month increase since 1979. (This is data from the Bureau of Labor Statistics.) The article tells us (like we need reminded!) margarine, coffee, soup, and eggs are among the worst-hit food items. Egg prices have increased nearly 40%.
The Rossen Report tells us about ways that companies give us less bang for our bucks.
‘Shrinkflation’ is when companies downsize a product but don’t change the price. Ice cream is a great example of this. Remember when we used to get half-gallons of ice cream? Not anymore. Ice cream usually comes in 48-ounce containers now or about 1 ½ quarts. Has the price come down? Ha Ha Ha!!
Then we have ‘skimpflation’. Companies don’t change the size of the product but they change the components of the product often switching to less expensive ingredients. What is the first ingredient listed on the food you’re purchasing? Do you see a change? The report noted that one popular margarine’s primary ingredient used to be vegetable oil. It is now water. Another example was with a frozen meal. The protein composition had dropped by 15% with this product. What ingredients changed and how?
The size of candy bars has shrunk. Ice cream sandwiches are bite-size now. Packages of toilet paper, pet food, cereal – we are seeing shrinkflation everywhere!
What can we do? The Penny Hoarder website offers some suggestions to consumers that may help with the household budget.
- Buy the store brand. Store brands may not reduce sizes, and they are often as good as or better than brand names.
- Compare the price per ounce. Most stores post this.
- Buy in bulk. But – pay attention to unit pricing in big box stores. Sometimes it’s not the best deal.
- Consider other stores in your shopping area. You don’t want to drive 30 miles to save a nickel on a product! Manage your trips.
- Shop online.
- Compare prices with scanning apps.
You don’t want to go grocery shopping when you’re hungry. Be aware that stores put items by the check-out that appeal to spur-of-the-moment purchases. Is the ‘sale price’ really a good price? Some of our local markets mark down perfectly good products. Find out the mark-down days. Use coupons and watch for sales. Pay attention to what you’re purchasing.
We’re all in this together. Everything is going up. Be a wise consumer. It may take a little more preparation and time, but you can save some money.
Be safe.
