SPRINGFIELD, Mass. (WWLP) – You might be thinking that you’re currently paying more for goods, but getting less, and you’re not alone.
It’s called shrinkflation, and it’s affecting consumers nationwide. 22News spoke with a financial expert about what is causing shrinkflation.
Whether it’s chips or sports drinks, people are frustrated that they aren’t getting their ‘bang for their buck.’
“Potato chips are a perfect example. You put a little more air in it, you puff it up a little bit more, it feels like the bag is full you open it and go wheres the beef?” said Mark Teed of Raymond James Financial.
Inflation is causing a new problem across the country. It’s called shrinkflation when you are getting less for a product but still paying more, and it’s affecting almost everything on store shelves.
“Corporations sit down and say, “ok, how can we maximize the profits and keep our margins healthy?” And this is one way of doing it. So what they do is they change the size and the packaging of products so instead of being 16 oz they might make it 14 oz and charge the same price. Or they might change the size of the package and make it larger. It is one of the oldest tricks in the book, it’s what they did back in the 1970s when inflation was really rampant,” said Teed.
According to the Associated Press, a small box of Kleenex has gone from 65 to 60 tissues within months. Chobani Flips yogurts are smaller, from 5.3 ounces to 4.5 ounces. And a “Party Size” bag of Fritos Scoops which use to be 18 ounces is now 15.5 ounces.
“I’ve definitely run into situations like that. Certain products you notice you are getting a little bit less whether it like measured in ounces, or the actual number of items you are getting in a package is less than it was but the price has either gone up or stayed the same, it feels like they are skimming off the top a little,” said Dan Fry of Springfield.
So how can you avoid shrinkflation? Experts say pay attention to the unit price of what you’re buying, wait to buy your favorite brands when they go on sale, and also consider buying items in bulk.
Experts suggest budgeting monthly to help deal with the rising costs of goods.