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SPRINGFIELD, Mo. (KY3) — Shrinkflation occurs when you purchase items on grocery store shelves that may result in you getting less for the money you spend. Financial experts offer tips to avoid falling into this trap.
According to the U.S. Bureau of Labor Statistics, shrinkflation occurs when the price consumers pay per unit increases as the quantity they purchase decreases, even though the price they pay at the register remains the same. . Shrinkflation has been attracting attention recently, with President Biden mentioning the issue.I also played Cookie Monster. X About shrinkflation.
Dr. Jeff Jones, director of finance at Missouri State University, says shoppers can avoid paying more for less by checking the unit price of items typically found under food on the grocery store shelf. He said he could.
“What’s the price per unit, not the price of the product itself? Pay attention to the price per unit, whether it’s a quantity, a number, or per ounce,” says Dr. Jones. I did.
He said the unit price tells you the cost in pounds, quarts, etc. He also highlighted how shrinkflation and inflation are linked. While some companies will adopt a shrinkflation strategy, it tends to become more prevalent during periods of high inflation, such as the one we are currently seeing.
Dr Jones also said it would be wise for consumers to make sure they know what products they are buying before going to the checkout.
“When shopping, keep in mind that you have many options, not just in-store but at other stores,” Dr. Jones says. I think they are just doing their homework seriously. If you’re interested in coupons, you might consider them as a way to save some extra money, but they really just give you information about what you’re buying. ”
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