Consumer Advocates , Warn of 'Shrinkflation' , and Budget Concerns for Shoppers.
ABC News reports that consumer advocates are voicing concerns regarding "Shrinkflation.".
'Shrinkflation' is a term used to describe implicitly increasing the price of an item by slightly decreasing the amount or quantity in a package, Steve Reed, an economist at the Bureau of Labor Statistics, via ABC.
So you're basically having the consumer pay the same price but getting less for their money, Edgar Dworsky, consumer advocacy lawyer, via ABC.
According to the latest data from the Consumer Price Index, the cost of everyday goods has jumped 5% in the last year.
That's the largest increase since August 2008.
The upward trend has stoked fears of inflation among economists and budget concerns for shoppers.
ABC News asked Edgar Dworsky, a consumer advocacy lawyer, how people can be aware of shrinkflation.
He suggests memorizing the net weight of frequently purchased items. Most products do not advertise that there is less in the package.
That's kind of how manufacturers take advantage, because you don't have those sizes memorized.
So what consumers can do is they have to become net-weight conscious, Edgar Dworsky, consumer advocacy lawyer, via ABC.
Dworsky says that this kind of downsizing has been going on for "decades and decades.".
It is often triggered by an increase in raw materials, which many companies are experiencing amid global supply chain disruptions