By John Delano
Source: CBS News
It’s hard to miss the price hikes at the grocery store these days.
But have you also noticed the size of packaging is going down, so you are getting less for spending more? As KDKA-TV money editor Jon Delano reports, Senator Bob Casey says too many companies are taking advantage of unaware consumers.
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.
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