President Joe Biden has voiced his concern over "shrinkflation," a business practice that involves cutting product sizes while keeping prices the same.
According to Reuters, Biden called on snack companies on Sunday to stop shrinkflation, which he described as "a rip-off."
Joe Biden Criticizes Snack Companies Over 'Shrinkflation'
In a video posted on X ahead of Super Bowl LVIII, Joe Biden said, "some companies are trying to pull a fast one by shrinking the products little by little and hoping you won't notice."
"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," the president added.
Biden did not propose specific solutions or policies to address shrinkflation but urged companies to act responsibly and prioritize consumer interests. The president also did not name any specific firms, but the video showed some brands like Gatorade, Doritos, Breyers, and Tostitos.
In a statement, David Chavern, president and CEO of the Consumer Brands Association, acknowledged the concerns raised by Biden but claimed it was a way to "deflect attention away from inflation," which "has lingered during his administration."
Chavern then emphasized the need for "real solutions" to benefit consumers, adding that his group was willing to work with Biden to address the issue.
Shrinkflation in the US
Reuters also reported that Senator Bob Casey has been actively investigating the prevalence of shrinkflation. Casey's report, released in December, cited examples of shrinkflation on various consumer products, ranging from household paper products to snacks like Oreos and Doritos.
The report noted that Oreos and Doritos snacks were 26.4% more expensive than they were in January 2019, with about 9.8% of the increase due to manufacturers shrinking the portions.
"There is no denying that shrinkflation is real and that it is having a measurable impact on family budgets, but there is still much to learn about the tactic and its full effect on American consumers," the report said.
"American families deserve to know how and when they are getting less for their money, and corporations should not be able to hide price hikes with shrinkflation," it added.
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