President Joe Biden took a swipe at big consumer brands during a video marking the Super Bowl, accusing them of using “shrinkflation” as a “rip-off.” The American public is reportedly fed up with being taken advantage of. The Super Bowl, which attracts a large audience and serves as a prime opportunity for advertisers, was won by the Kansas City Chiefs who secured a last-play comeback against the San Francisco 49ers.
In the video, Biden highlighted examples such as smaller sports drink bottles and reduced ice cream carton sizes, despite prices remaining the same. Despite declining to participate in a traditional pre-Super Bowl television interview, Biden released a video that was likely uncomfortable for major food companies such as PepsiCo, Mondelēz, and Unilever. These companies have allegedly undergone shrinkflation on products like Gatorade, Breyers ice cream, Tostitos, Doritos, and Oreo cookies.
The steep increase in US consumer price index inflation throughout 2022 was attributed to various factors such as the response to the Covid pandemic, surging global energy prices due to Russia’s invasion of Ukraine, and government spending. While inflation decreased to 3.1% in December, some companies are believed to have responded to rising costs by engaging in shrinkflation and “skimpflation” – changing ingredient quantities to reduce expenses.