Florida CFO Patronis Wants Floridians To Be On Guard For “Shrinkflation”

It’s become abundantly clear that with President Joe Biden in the White House a buck doesn’t go nearly as far as it used to.

It’s become abundantly clear that a buck doesn’t go nearly as far as it used to. In fact, that dollar only gets about 89 percent of the way there.

But the Florida government’s top fiscal manager is warning consumers to beware of tricks companies use to make you think your money goes as far as it once did.

It’s called “shrinkflation.”

The practice involves companies reducing the size of packages without hiking prices. As one example, a decade ago name-brand orange juice makers offered consumers 64 ounces. Today, many of those packages are down to 52 ounces.

In a press release this week, state Chief Financial Officer Jimmy Patronis urged Floridians to be diligent in looking for deals as they face this form of “hidden inflation.”

“As the country continues to endure historic inflation and the price of gas and groceries are taking a major bite out of American pocketbooks, manufacturers are ‘shrinking’ their products without reducing their prices. Understandably, companies are doing what they can to keep their doors open as the supply chain remains a disaster and the cost of ingredients for products increase,” he said.

“This trend, however, is not only bad for business, but it is unfair to consumers.”

“When shopping for you and your family, make sure that you are getting the best bang for your buck by following a few tips to avoid being fooled by shrinkflation,” Patronis continued.

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Patronis’ advice to whip shrinkflation now include:

Check the unit pricing. Compare the unit pricing instead of the retail price.
Consider changing brands. Substitute store brands for brands that may give you more bang for your buck.
Look for rewards programs. Check if your store has a rewards program to save on items.
Shop for special on-sale items. Stock-up on items when they go on sale to save money.
Use grocery apps for rebates. Check if your store has an app to receive rebates.

“The bad policies of Washington continue to place an unnecessary burden on Florida families and our businesses,’ he added.

“As the nation continues to be impacted by an unsettled economy, I suspect there to be more issues like shrinkflation to appear and that’s why I am urging Floridians to start saving and spending your money wisely to prepare for the long road ahead.”

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