President Joe Biden on Sunday called on snack firms to stop shrinkflation, which is when businesses cut product sizes but keep prices the identical, describing the practice as “a rip-off.”
“Some firms try to tug a quick one by shrinking the products little by little and hoping you won’t notice,” Biden said in a video posted on X, formerly referred to as Twitter, ahead of Super Bowl LVIII.
“Give me a break. The American public is uninterested in being played for suckers. I’m calling on firms to place a stop to this. Let’s be certain that businesses do the correct thing now,” he said.
Biden, who offered no solutions or policies to handle the practice, didn’t name any specific firms but several brands were shown within the video, including Gatorade, Doritos, Breyers and Tostitos.
“We appreciate that the President has to deflect attention away from inflation that has lingered during his administration,” said David Chavern, president and CEO of the Consumer Brands Association, in an announcement.
Chavern added that the group would love to work with Biden on “real solutions that profit consumers.”
President Biden said “gimme a break” in response to “shrinkflation.” Samuel Corum / Pool via CNP / SplashNews.com
Biden called on snack firms equivalent to PepsiCo, Unilever, Mondelez and Campbell Soup, to stop shrinkflation. Corbis via Getty Images
PepsiCo, whose brands include Gatorade, Doritos and Tostitos, and Unilever, which makes Breyers ice cream, weren’t immediately available for comment outside normal business hours. Reuters could also not immediately reach Mondelez, maker of Oreos, and Campbell Soup, which owns Goldfish crackers.
Senator Bob Casey in December released a report that showed the impact of smaller product sizes on every part from toilet paper to Oreos.
The report noted that household paper products were 34.9% costlier per unit than they were in January 2019, with about 10.3% of the rise as a result of producers shrinking the sizes of rolls and packages.
It said the worth of snacks like Oreos and Doritos had gone up 26.4%. AFP via Getty Images
It said the worth of snacks like Oreos and Doritos had gone up 26.4% over the identical period, with shrinking portions accounting for 9.8% percent of the rise.
Although inflation appears to be slowing, the economy stays Americans’ overall top concern, cited by 22% of poll respondents, as they’ve struggled with inflation and other aftershocks of the COVID-19 pandemic, in accordance with a Reuters/Ipsos poll released last month.
Since taking office, Biden has made a pitch for lower supermarket prices, pushed drug makers to lower insulin costs, hotel chains to cut back fees and tried to diversify the meat-packing industry after beef prices skyrocketed within the aftermath of the pandemic.
