KANSAS CITY, Mo. — If you think you are getting less for your money, you aren’t imagining it. But the issue isn’t just that the price of food is skyrocketing.
Consumer experts are also warning about “shrinkflation” and “skimpflation.”
Shrinkflation is where customers pay more but get less for a box or package of something.
Skimpflation is when companies make changes to ingredients to lower the cost of producing something.
For example, Consumer World reports the makers of Smart Balance Margarine went from 64% vegetable oil in its product to 39%. Water is now the most predominant ingredient.
Consumer World also points to General Mills which decreased family size boxes of cereal by about one ounce. That is about one less bowl of cereal in each box.
It’s a different tactic manufactures are using instead of simply increasing the price of a product.
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