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!”