President Joe Biden has launched a critique against snack manufacturers for engaging in “shrinkflation” by reducing product sizes while maintaining prices in a message timed with the Super Bowl festivities.
Product Shrinkage Tactics
In a Sunday video Posted on X, the president said, “Some companies are trying to pull a fast one by shrinking the products little by little and hoping you won’t notice.”
“American Public is Tired”
He added, “Give me a break. The American public is tired of being played for suckers. I’m calling on companies to put a stop to this. Let’s make sure businesses do the right thing now.”
No Names
Biden refrained from presenting any concrete solutions or policies to tackle the issue, opting not to mention any specific companies. However, the video prominently featured several brands, such as Gatorade, Doritos, Breyers, and Tostitos.
Charging Same for Less
Biden said: “Sports drinks bottles are smaller, a bag of chips has fewer chips, but they’re still charging just as much. As an ice-cream lover, what makes me the most angry is that ice-cream cartons have actually shrunk in size.”
Super Bowl Spotlight
The Super Bowl, a pinnacle event in American football, draws a massive viewership and advertising interest. This year, the Kansas City Chiefs claimed victory over the San Francisco 49ers in a thrilling conclusion.
Bypassing Tradition
Biden had opted out of participating in a customary television interview, which is typically conducted with the president before the Super Bowl.
Surprise Decision
This is the second consecutive year that the president has decided not to give the Super Bowl interview. The choice comes as a surprise, particularly given the president’s current campaign for reelection.
Inflation Deflection Tactics
The Consumer Brands Association’s president and CEO, David Chavern, in a statement said, “We appreciate that the President has to deflect attention away from inflation that has lingered during his administration.”
Effective Solutions
Chavern further expressed the group’s desire to collaborate with Biden on implementing effective solutions that positively impact consumers.
Ensuring Accountability
Pennsylvania Democrat Senator Bob Casey, who unveiled a report in December highlighting the repercussions of reduced product sizes across various items, conveyed to Reuters through a statement his commitment to assessing the extent of such practices and ensuring accountability among companies.
Product Price Surge
The report highlighted that household paper products had experienced a 34.9% increase in cost per unit compared to January 2019, with approximately 10.3% of the hike attributed to manufacturers reducing the sizes of rolls and packages.
Snack Price Spike
It also revealed that the prices of snacks such as Oreos and Doritos had surged by 26.4% during the same timeframe, with reductions in portion sizes constituting 9.8% of the overall increase.
None Acknowledged Responsibility
A spokesperson for Casey indicated that four major industry associations had replied to his inquiries, yet none acknowledged responsibility for price gouging or addressed his inquiries concerning pricing and transparency.
Inflation Contributing Factors
In 2022, U.S. inflation rates peaked at over 8%, influenced by various factors, including the COVID-19 pandemic response, energy price surges due to due to Russia’s full-scale invasion of Ukraine, and the extensive government spending advocated by Biden and other nations.
Product Size Reduced
Although inflation decreased to 3.1% in December, it’s believed that certain companies responded to escalating costs by slightly reducing product sizes—a phenomenon referred to as shrinkflation.
Skimpflation Practice
Additionally, they altered recipes to decrease the quantity of more expensive ingredients, a practice sometimes dubbed “skimpflation.”
Biden’s Price Advocacy Efforts
Since assuming office, Biden has advocated for decreased supermarket prices, urged pharmaceutical companies to lower insulin costs, pressured hotel chains to reduce fees, and sought to diversify the meat-packing industry in response to the surge in beef prices following the pandemic.
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