Consumer Advocates , Warn of<br />'Shrinkflation' , and Budget Concerns <br />for Shoppers.<br />ABC News reports that consumer <br />advocates are voicing concerns <br />regarding "Shrinkflation.".<br />'Shrinkflation' is a term used <br />to describe implicitly increasing <br />the price of an item by slightly <br />decreasing the amount or <br />quantity in a package, Steve Reed, an economist at the Bureau of Labor Statistics, via ABC.<br />So you're basically having the consumer pay the same price but getting less for their money, Edgar Dworsky, consumer advocacy lawyer, <br />via ABC.<br />According to the latest data from the <br />Consumer Price Index, the cost of everyday <br />goods has jumped 5% in the last year. .<br />That's the largest increase <br />since August 2008.<br />The upward trend has stoked fears <br />of inflation among economists and <br />budget concerns for shoppers. .<br />ABC News asked Edgar Dworsky, a <br />consumer advocacy lawyer, how <br />people can be aware of shrinkflation. .<br />He suggests memorizing the net weight<br />of frequently purchased items.<br />Most products do not advertise <br />that there is less in the package. .<br />That's kind of how manufacturers <br />take advantage, because you don't <br />have those sizes memorized. So what <br />consumers can do is they have to <br />become net-weight conscious, Edgar Dworsky, consumer advocacy lawyer, <br />via ABC.<br />Dworsky says that this kind of <br />downsizing has been going on <br />for "decades and decades.".<br />It is often triggered by an increase <br />in raw materials, which many <br />companies are experiencing amid <br />global supply chain disruptions
