Did you catch President Biden’s State of the Union message yesterday? Many important topics were covered, but two things stuck out to me — food pricing and shrinkflation.
Shrinkflation is when food corporations shrink the size of the products you buy but keep prices the same. And the CEOs of these companies hope you won’t notice you’re getting less for your money. It’s just another way food corporations trick you so that their profits remain high.
We’ve all seen our grocery bills increase over the last few years. The monthly food cost for a family of four on a “thrifty food plan” increased 50% from $654 to $976.
President Biden’s administration is taking some of the right actions to rein in corporate pricing abuses, including stepping in to prevent the merger of Kroger and Albertsons, which could lead to evenhigher prices for you.
But there are also actions you can take to push legislators in the right direction. Senator Bob Casey (PA) introduced a bill last week to counter shrinkflation. The Shrinkflation Prevention Act of 2024 would:
Direct the Federal Trade Commission (FTC) to establish shrinkflation as an unfair or deceptive practice; and
Authorize state attorneys general and FTC to bring or pursue civil actions against corporations engaging in shrinkflation.
Food & Water Watch and its affiliated organization, Food & Water Action, are advocacy groups with a common mission to protect our food, water and climate.
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