Connect with us

CBS News

Shrinkflation has affected one-third of grocery items, analysis finds. Here are the worst offenders.

Avatar

Published

on


Americans continue to face higher prices after inflation shot up during the pandemic, in particular for essentials like food. But there’s another, less noticeable, trend that’s just as painful to your pocketbook eve when a product’s cost looks stable: shrinkflation. 

About one-third of roughly 100 common consumer products tracked by LendingTree have shrunk in size or servings since the pandemic. The worst offenders — household paper products, like toilet paper and paper towels, personal finance firm’s analysis found.

More specifically, shrinkflation refers to scaling back the size of a product but charging the same amount as for the prior, larger portion. The upshot: People end up shelling out more money because they’re getting less of a given product. 

To be sure, shrinkflation is by no means a new consumer phenomenon. The term is credited to British economist Pippa Malmgren in 2009, but the trend picked up in the post-pandemic years as corporations wrestled with higher manufacturing costs. Instead of hiking prices and potentially losing shoppers, some opted to make their products smaller while continuing to charge the same amount.

Inflation in August hit a three-year low. That doesn’t necessarily mean prices are falling; rather, the pace of price increases has slowed sharply compared to the outsized spikes experienced during pandemic, when inflation hit a 40-year high. But with shrinkflation remaining an issue with many products, about 7 in 10 consumers said they’ve noticed at least one incident of the trend within the last year, according to LendingTree. 

“The fact we were able to find one-third of these products having shrunk, and in some categories an even bigger percentage, it’s a troubling thing,” LendingTree chief credit analyst Matt Schulz told CBS MoneyWatch. “Nobody loves high prices, but people would prefer to pay a little bit more if the alternative is paying the same and getting less, and not really being told about it.”

Shrinkflation can often be tough to document or even pick up on, given that many people don’t keep older packages of, say, toilet paper or cereal on hand with which to compare newer purchases, Schulz noted. LendingTree tracked the issue by comparing Walmart’s prices in 2024 with those in 2019-2020 via the Wayback Machine, a site that archives webpages from prior months and years.

Still, many consumers aren’t fooled, and the trend has drawn condemnation from everyone from Cookie Monster, who declared on X in August that “me hate shrinkflation!” because it was making his cookies smaller, to President Joe Biden, who called on snack companies in February to stop the shrinkage.

A similar trend is “skimpflation,” where the quality of a product or service is reduced to save money, such as switching to a cheaper ingredient or cutting back on services at a hotel or restaurant.

Products with the most shrinkflation

Household paper products have the highest rate of shrinkflation, the LendingTree analysis found. Out of 20 products it tracked from prior to the pandemic until today, about 60% had reduced their sheet count, the study found. 


Breakfast foods had the second-highest rate of shrinkflation, with LendingTree finding that about 44% of the items they tracked were now sold in smaller portions. Family-sized Frosted Flakes, made by Kellogg’s, has slimmed from 24 ounces to 21.7 ounces, resulting in a 40% increase in per-ounce pricing, the analysis found. 

About 38% of candy items are now sold in smaller amounts, including party-size Reese’s miniatures (35.6 ounces now versus 40 ounces in 2019-2020) and party-size milk chocolate M&M’s (38 ounces now versus 42 ounces previously.)

About 27% of snacks had gone through portion reductions, LendingTree said. That includes party-size Cheetos, made by Frito-Lay, which shrank to 15 ounces from 17.5 ounces while its per-ounce price rose to 40 cents from 17 cents. 

Other snacks that have gotten smaller but pricier include party-size sour cream and onion Lay’s, family-size original Wheat Thins and party-size original Tostitos, LendingTree said.

Shrinkflation’s impact on your finances

Shrinkflation can make household budgeting even tougher for consumers because it’s harder to prepare for, Schulz noted. 

“In general the average American’s financial margin for error is super tiny, and this is just another thing that makes that situation a little bit harder,” he said. 

Items that are rising in price due to inflation may be easier to budget simply because shoppers can clearly see the higher prices and account for it in their spending, Schulz added.

“But if the thing you’re buying stays the same price, but has less, it’s not as readily noticeable and it may create a distortion in your budget,” he said.



Read the original article

Leave your vote

CBS News

Catholic Archdiocese of LA agrees to $880 million settlement over hundreds of sex abuse claims

Avatar

Published

on


The Catholic Archdiocese of Los Angeles has agreed to pay $880 million to settle sex abuse claims made by more than 1,3000 alleged victims dating back to the 1940s. 

“I am sorry for everyone one of these incidents, from the bottom of my heart,” said Archbishop José H. Gomez in a statement. “My hope is that this settlement will provide some measure of healing for what these men and women have suffered.”

The settlement brings the overall amount the Archdiocese of Los Anegeles has paid out to settle sex abuse lawsuits to nearly $1.5 billion, following a $660 million settlement with about 500 alleged victims in 2007.

Officials say the agreement in principle was reached to settle the remaining claims filed under Assembly Bill 218, which temporarily waived the statute of limitations for alleged victims to seek damages in sex abuse claims, according to Archbishop Gomez’s statement. 

“This is the largest single child sex abuse settlement with a Catholic archdiocese,” said a release from the law firm representing the victims. 

Archbishop Gomez approved the settlement and confirmed the administrative office of the Archdiocese will bear the financial responsibility. 

“We have determined that funding for this settlement will be drawn from reserves, investments, and loans, along with other Archdiocesan assets and payments that will be made by religious orders and others named in the litigation,” Gomez’s statement said. “No designated donations to parishes or schools or to archdiocesan-wide collections and campaigns … will be used for the financing of this settlement.”

In his letter, Gomez also promised that the church will remain vigilant to make sure that no one serving in the ministry will harm a minor again. 

Of the more than 3,000 remaining lawsuits alleging sexual abuse of children that have been filed in California under AB-218, 1,600 were filed in Northern California, 500 in San Diego County and 200 in Orange County, attorneys said. Several California dioceses have filed for bankruptcy protection in the wake of the lawsuits. 

“The massive amount of this settlement reflects the amount of grievous harm done to vulnerable children and the decades of neglect, complicity and cover-up by the Archdiocese which allowed known serial predators to inflict this harm. I encourage other religious institutions within the Catholic Church to meet their responsibilities and take accountability,” said the victims’ attorney Morgan A. Stewart.



Read the original article

Leave your vote

Continue Reading

CBS News

Georgia judge invalidates controversial new state election rules, calling them “illegal, unconstitutional and void”

Avatar

Published

on


A Georgia judge has declared that seven new election rules recently passed by the State Election Board are “illegal, unconstitutional and void.”

Fulton County Superior Court Judge Thomas Cox issued the order Wednesday after holding a hearing on challenges to the rules. The rules that Cox invalidated include three that had gotten a lot of attention — one that requires that the number of ballots be hand-counted after the close of polls and two that had to do with the certification of election results.

The State Election Board, which is controlled by three Republicans endorsed by former President Donald Trump, has passed several rules in recent months mostly dealing with the processes that happen after ballots are cast. Trump narrowly lost Georgia to President Biden in the 2020 presidential election but claimed without proof that widespread fraud cost him victory in the state.

Democratic Party organizations, local election officials and a group headed by a former Republican state lawmaker have filed at least half a dozen lawsuits over the rules. Democrats, voting rights groups and some legal experts have raised concerns that some rules could be used by Trump allies to delay or avoid certification or to cast doubt on results if he loses next month’s presidential election to Democratic Vice President Kamala Harris.

One new rule that a judge blocked requires that three separate poll workers count the number of Election Day ballots by hand to make sure the number of paper ballots matches the electronic tallies on scanners, check-in computers and voting machines.

Georgia voters make selections on a touchscreen voting machine that prints out a piece of paper with a human-readable list of the voter’s choices as well as a QR code. That is the ballot that the voter puts into a scanner, which records the votes. The hand-count would be of the paper ballots — not the votes.

Critics, including many county election officials, argued that a hand-count could slow the reporting of election results and put an extra burden on poll workers at the end of an already long day. They also said there isn’t enough time to adequately train poll workers.

The rule’s supporters argued the count would take extra minutes, not hours. They also noted that scanner memory cards with the vote tallies could be sent to central tabulation centers in each county while the hand-count is completed so the reporting of results would not be slowed.

Fulton County Superior Court Judge Robert McBurney on Tuesday had temporarily blocked the hand-count for the November election while he considers the legal merits. He said the hand-count may ultimately prove to be good policy, but it’s too close to the general election to implement it now. The State Election Board could appeal.

Two other new rules that Cox invalidated were passed by the Georgia State Election Board in August and have to do with certification. One provides a definition of certification that includes requiring county officials to conduct a “reasonable inquiry” before certifying results, but it does not specify what that means. The other includes language allowing county election officials “to examine all election related documentation created during the conduct of elections.”

Supporters argued those rules are necessary to ensure the accuracy of the vote totals before county election officials sign off on them. Critics said they could be used to delay or deny certification.



Read the original article

Leave your vote

Continue Reading

CBS News

Liam Payne dies after fall from Argentina hotel balcony, officials say

Avatar

Published

on


Liam Payne dies after fall from Argentina hotel balcony, officials say – CBS News


Watch CBS News



Former One Direction singer Liam Payne has died after falling from a hotel balcony in Buenos Aires, Argentina, authorities say. He was 31.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.