WBRE/WYOU: “Shrinkflation Is Paying More For A Product But Getting The Same Amount Or Less Of That Product. Senator Bob Casey Is Spearheading An Effort To Change That.”
PENNSYLVANIA – Last week, Senator Bob Casey exposed big companies for engaging in “shrinkflation,” which is making working families pay more money for less product at the grocery store. It’s all part of Sen. Casey’s efforts to fight back against greedy corporations raking in record profits off the backs of working families in Pennsylvania.
- Casey, a Pennsylvania Democrat, issued a report on what he calls shrinkflation, saying reducing package sizes while hiking prices amounts to “greedflation.”
- “I’m going to keep exposing this, and people should know about this,” he said. “And it’s going to lead to action to make sure that consumers have the information, but also changes in law that relate to the companies has to take place to hold them accountable for this.”
- Using government statistics, Casey found that between January 2019 and this past October, household paper products went up nearly 35 percent in price with over 10 percent of that price hike hidden through reduced packaging. Snacks went up 26 percent with nearly 10 percent attributed to shrinkflation and household cleaning products went up 24 percent with over 7 percent the result of giving the consumers less.
- “This problem of greedflation, greedy corporations jacking up their price or not telling you when the contents of a product is getting smaller and the price stays the same, this is causing a lot of inflation — has over the last couple of years,” Casey said. “We can document that.”
Business Insider: The 10 products that have shrunk the most under shrinkflation
- Senator Bob Casey, a Democrat from Pennsylvania, asked the Bureau of Labor Statistics for its data on which products have been impacted the most by shrinkflation. Casey’s report reveals that several common household items have indeed been shrinking; your breakfast has perhaps been particularly impacted, with coffee and fresh pastries getting smaller and pricier.
- “Corporations are only getting more creative as they rake in record profits at the expense of Pennsylvania families: shrinking the size of their products while keeping the same sticker price. This corporate greed is one of the reasons that Americans are frustrated by expensive grocery bills,” Senator Casey said in a statement to BI. “My new report not only exposes them for their greed but outlines the steps we need to take to combat it and put more money back into the pockets of working families.”
- In short, shrinkflation is paying more for a product but getting the same amount or less of that product. Senator Bob Casey is spearheading an effort to change that.
- Senator Bob Casey heads a senate subcommittee that is taking on the issue he blames squarely on large corporations.
- “We can attribute this in this case in this report to shrinkflation when they, literally, the price of the product is going up or staying the same but the product is getting smaller, the contents of the product. It should not be permitted. It’s one of the reasons we have to take action,” Senator Casey explained.