Why are costs still so high for consumers when monthly inflation has fallen? Corporate greedflation is to blame—companies using inflation as cover to raise prices and make record profits
It gets worse: companies are selling products smaller in size and quantity but charging the same retail price
Family Size Double Stuf Oreos went from 1lb 4oz, now 1lb 2.71 oz; Kleenex tissues went from 65 sheets to 60 sheets in a box
Between 2020 and 2022, corporate profits rose by 75 percent—five times as fast as inflation; 41% of inflation was due solely to corporate-profit making
Read Casey’s latest greedflation report “Shrinkflation: How Corporations Are Shrinking Products To Super-Size Profits” HERE
Washington, D.C. – Today, U.S. Senator Bob Casey (D-PA), Chairman of the Senate Health, Education, Labor, and Pensions (HELP) Subcommittee on Children & Families, released a report detailing how big corporations are making record profits by reducing the size of household consumer goods, from toilet paper to cereals to snacks, while continuing to sell them at the same retail price. The new greedflation report entitled “Shrinkflation: How Corporations Are Shrinking Products To Super-Size Profits” examines how corporate greed is squeezing families’ budgets and lays out Senator Casey’s vision to hold these companies accountable so to put money back in the pockets of American families.
“Corporations are only getting more creative as they rake in record profits at the expense of Pennsylvania families: shrinking the size of their products while keeping the same sticker price. This corporate greed is one of the reasons that Americans are frustrated by expensive grocery bills,” said Senator Casey. “My new report not only exposes them for their greed but outlines the steps we need to take to combat it and put more money back into the pockets of working families.”
To better protect families’ pocketbooks, Senator Casey sent letters to the trade associations representing household consumer products, food, and beverage corporations demanding answers about pricing strategies, package size practices, and how shrinkflation affects customers: Consumer Brands Association, representing food and beverage manufacturers; the American Beverage Association, representing non-alcoholic beverage companies; SNAC International, the trade association for the snack industry; and the Personal Care Products Council, representing personal care products companies.
Senator Casey believes more must be done to hold corporations accountable for taking advantage of American workers and their families and has a plan to lower costs for working families by following four overall goals: put more money in the pockets of working families; make big corporations pay their fair share; fight unfair corporate price gouging; and take on corporate monopolies to increase competition and lower costs.
Read the full report on “Shrinkflation: How Corporations Are Shrinking Products To Super-Size Profits” here or click on the report below.
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