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Joe Biden slams snack maker for ‘shrinkflation rip-off’ | US economy

In a video marking the Super Bowl, Joe Biden criticized food companies for alleged “shrinkflation,” in which products become smaller and prices stay the same.

The US president on Sunday evening criticized major consumer brands for a shrinkflation “rip-off” and said the “American public is tired of being played for fools.”

He added: “Some companies are trying to get through it quickly by making products smaller little by little and hoping you don’t notice.”

The high-profile American football event is drawing huge audiences in the world’s richest country, and advertisers are flocking to market their products. Sunday’s game was won by the Kansas City Chiefs, who defeated the San Francisco 49ers in a dramatic comeback in their final game.

Biden had refused to take part in a television interview that is usually conducted with the president before the Super Bowl. However, the video would have been uncomfortable for some of the world’s largest food companies, including PepsiCo, Mondelēz and Unilever.

The president did not name any products or companies directly, but the video posted on the president’s official X account showed products such as Gatorade drinks, Breyers ice cream, Tostitos and Doritos chips, and Oreo cookies.

Biden said: “Sports drink bottles are smaller, there are fewer chips in a bag of chips, but they still cost the same. What upsets me the most as an ice cream lover is that the ice cream cartons have actually gotten smaller.”

PepsiCo, whose brands include Gatorade, Doritos and Tostitos, was contacted for comment, as were Oreo owner Mondelēz and Breyers owner Unilever.

U.S. consumer price index inflation rose to over 8% in 2022. This, according to some economists, was partly due to several factors, including monetary stimulus in response to the Covid pandemic, the huge increase in global energy prices as a result of Russia’s comprehensive energy policy. a full-scale invasion of Ukraine and heavy government spending pushed by Biden and other countries.

Inflation fell to 3.1% in December, but some companies are believed to have responded to rising costs by slightly reducing the size of their products (shrinkflation) and changing recipes to reduce the amount of more expensive ingredients (sometimes also known as “skimpflation”).

Source: www.theguardian.com

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Jennifer Adams

Dedicated news writer with a passion for truth and accuracy. Covering stories that impact lives.

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