Biden calls on snack companies to stop 'shrinkflation'

[Eugene]

Source: Reuters

WASHINGTON, Feb 11 (Reuters) - U.S. President Joe Biden on Sunday called on snack companies to stop shrinkflation, which is when businesses cut product sizes but keep prices the same, describing the practice as "a rip-off."

"Some companies are trying to pull a fast one by shrinking the products little by little and hoping you won't notice," Biden said in a video posted on X, formerly known as Twitter, ahead of Super Bowl LVIII.

"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," he said.

Biden, who offered no solutions or policies to address the practice, did not name any specific companies but several brands were shown in the video, including Gatorade, Doritos, Breyers and Tostitos.

-snip-

Reuters
February 11, 20241 1:52 AM EST Updated 5 min ago


Read more: https://www.reuters.com/world/us/biden-calls-snack-companies-stop-shrinkflation-2024-02-11/

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Alternate no-paywall link: https://finance.yahoo.com/news/biden-calls-snack-companies-stop-171303223.html

[niyad]

1. And almost any candy bar! Ice cream.

[WhiteTara]

2. It's not just snack companies

I see it in products of every description,but especially food items.

[global1]

3. It's Happening With All Types Of Products Beyond Snack Foods......

shampoos, creams, soaps, detergents, case sizes of water, coffee, etc, etc, etc

[sybylla]

15. Yep. Pasta sauces have shrunk about as far as they can and still feed a family of 4.

Back in the 80s, most pasta sauces came in 32oz packages.

[brewens]

4. The first time I noticed was years ago. I had an oatmeal canister that would never quite hold all of

one of the big paper canisters they sell it in. Then one day it did all fit and has since then.

[Autumn]

5. Businesses are cutting product sizes and rising prices. And it's not just on snack foods.

[The Unmitigated Gall]

6. Toothpaste.

As much as a quarter of the tube empty air.

[bullimiami]

7. Isn't the actual product a fairly minor part of the costs?

It would like to know what the actual profit increase is vs the savings.

[FakeNoose]

8. It's the same with bagged coffee

We used to get bags of one pound (16 ounces) of coffee, and the price was around $3.00 back in the 1970's. Lately the same size bag held only 12 ounces of product and the price is $7 or $8 per bag. (Some premium brands are up to $10 or more per bag, depending on the store's pricing policies.)

So I was shopping the other day and I noticed that the standard bags of coffee are now packed with about 11.5 ounces. These coffee companies have all changed their packaging at the same time, they've reduced the amount of product so no brand gets a marketing advantage over their competitors. It's 2024 and price collusion is the American way now.

[cstanleytech]

9. He can call on them all he wants but they are still going to keep on doing it because the companies are

owned by the wealthy who don't give a damn about anyone except themselves.

[LetMyPeopleVote]

10. Thank you President Biden

Link to tweet

[SWBTATTReg]

12. And we need to do our part too, to not buy products w/ companies that do this practice. That's where I think some

sort of community service, such as the top ten companies, screwing consumers via their packaging hijinks, were listed somewhere and consumers can then go and browse such lists, and avoid such companies.

[HandmaidsTaleUntold]

17. Don't buy their crap

It’s time for full on rebellion against these rip offs.

[Skittles]

20. yup

at a certain point I refused to buy products even if I can afford them - f*** those greedy assholes

[Magoo48]

11. Greed driven, extraction capitalism: Marka, hell yes. USA, USA, USA...

[twodogsbarking]

13. Same size box, less inside. Maybe no one will notice.

We'll put less in and call it light, with fewer calories.

[Richard D]

14. I see the prices rise as well . . .

. . . leading to the theory of supermarket singularity - the moment that nothing will cost an infinite amount of money.

[sybylla]

16. A tax on excess profits might stop this crap.

Biden should know that shame never works in the corporate world. Gotta hit them where it hurts.

[Hotler]

18. And this, 'Biden Condemns Grocery Stores for High Prices:

Accuses Them of ‘Ripping People Off’
President Biden criticized grocery stores for high pricing, claiming they are “ripping people off” due to inflation.
He stated that while inflation is decreasing, certain essential items’ costs remain high.
The president vowed to address corporate practices like price gouging and shrinkflation.
Inflation is coming down. It’s now lower in America than any other major economy in the world,” Biden said. “The cost of eggs, milk, chicken, gas, and so many other essential items have come down.”
“But for all we’ve done to bring prices down, there are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation,” he added.

https://www.msn.com/en-us/money/markets/biden-condemns-grocery-stores-for-high-prices-accuses-them-of-ripping-people-off/ar-BB1hVIRY?ocid=hpmsn&cvid=1b0d20b256c04625afd9522c1be08792&ei=116

[Skittles]

19. why is he singling out snack foods?

I see it across the board......

[Puppyjive]

21. Graham crackers

So bad. And don't buy the Pillsbury cinnamon rolls. They are now biscuits with cinnamon on top. I called the company out on that one. What a joke.