This week, Florida Chief Financial Officer (CFO) Jimmy Patronis alerted Florida consumers to a recent trend in the purchase of everyday consumer products called “Shrinkflation.’
Shrinkflation is the practice of reducing the size of a product while maintaining its sticker price, a form of hidden inflation. Although not a new practice, shrinkflation often accompanies times of high inflation in the economy.
“As the country continues to endure historic inflation and the price of gas and groceries are taking a major bite out of American pocketbooks, manufacturers are ‘shrinking’ their products without reducing their prices. Understandably, companies are doing what they can to keep their doors open as the supply chain remains a disaster and the cost of ingredients for products increase. This trend, however, is not only bad for business, but it is unfair to consumers. When shopping for you and your family, make sure that you are getting the best bang for your buck by following a few tips to avoid being fooled by shrinkflation. The bad policies of Washington continue to place an unnecessary burden on Florida families and our businesses. As the nation continues to be impacted by an unsettled economy, I suspect there to be more issues like shrinkflation to appear and that’s why I am urging Floridians to start saving and spending your money wisely to prepare for the long road ahead,” Patronis said.
Tips to avoid shrinkflation:
• Check the unit pricing. Compare the unit pricing instead of the retail price.
• Consider changing brands. Substitute store brands for brands that may give you more bang for your buck.
• Look for rewards programs. Check if your store has a rewards program to save on items.
• Shop for special on-sale items. Stock-up on items when they go on sale to save money.
• Use grocery apps for rebates. Check if your store has an app to receive rebates.
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