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The current cycle of high inflation has affected nearly every industry in one way or another. One of the most notable sectors has been the cost of food. Food prices have soared over the recent year or so, and while it affects every consumer, it also affected every farmer first.
Let’s take a look at the ways in which the agriculture sector has been impacted by agricultural inflation and how they are coping.
Continue reading “A Look at the Effects of Agricultural Inflation!”There was a time when a pound of bacon was a pound of bacon. And we still call it a pound of bacon. But the reality is that a package of bacon now weighs only 375 grams, not 454 grams which equals a pound. That’s an 18% reduction in package size. However that’s only half of the shrinkflation story.
From 2019 to 2022 in Canada the average price for 500 grams of bacon has risen from $7.06 to $8.55, a 21% increase in the price per gram.
That is shrinkflation. The subtle, and sometime not so subtle, reduction in package size combined with a commensurate increase in price for the smaller package.
At a time when inflation is rising, interest rates are increasing, the economy is slowing, and people are struggling, when did shrinkflation become acceptable?
Continue reading “Shrinkflation – Smaller Packages and Higher Prices!”
