What Is ‘Shrinkflation’ & Why Chocolate Eaters Should Be Concerned
Inflation has hit us in a number of ways, from a substantially upsized real estate market to prices of staples hitting the roof, our wallets are scrambling to make it through a week without a trip to the ATM. With inflated prices come downsized products, which means that consumers are paying the same price but the products have become smaller.
A five-year study of the nation’s shopping baskets by the Office for National Statistics (ONS) found an incredible 2,529 staples and treats have been hit by shrinkflation, reports Mirror UK. And of all the things that have been slapped with the downsizing tag, chocolates, confectionery, jam, and syrup have been the worst hit.
The organization, which compiles the nation’s cost of living basket and monitors inflation said, “Manufacturers’ costs may also be rising because of the recent fall in the value of the pound – leading some commentators to attribute shrinkflation to the UK’s decision to leave the European Union. But our analysis doesn’t show a noticeable change following the referendum that would point towards a Brexit effect.”
However, chocolate remains the category with the maximum number of ‘shrinkflated’ products. This is majorly due to the fact that not only have sugar prices been falling since 2014 slumping to an all time low in March, but cocoa prices also fell sharply in the last year after hitting a five year high in December 2015.
Chocolates like Maltesers, M&Ms, Mars, and Minstrels among many others are the chocolates that have reportedly shrunk in size whilst costing the same amount. In fact certain foods like McVitie’s Digestives dark chocolate biscuits also shrank, from 332g to 300g, but went up 10p to £1.69 after the reduction.
So, if you felt that somehow your chocolate got cleaned off quicker than usual, it’s not just you because the economic factors take a bite of your chocolates way before you even purchase them.
The ONS confirmed our doubts, saying: “No, you’re not imagining it, some of your favourite sweets really are shrinking.” The statement also said some shrinkage was a way of meeting Government targets to reduce sugar content.
Feature Image: Gemma’s Bigger Bolder Baking