Shoppers feel the pinch of ‘shrinkflation’ as food prices rise

Almost three quarters (73%) of shoppers are becoming more aware of shrinkflation as brands and retailers slim down products and lift prices.

According to new research by Barclays, consumers are noticing this most across products including chocolate, crisps and biscuits, Talking Retail reported.

As a result of shrinkflation, 21% of shoppers are switching to brands that have not reduced sizes of their products.

In February, standard packs of McVitie’s Digestives were cut from 400g to 360g, however the price has risen by 20p to £1.80.

Multi-packs of Penguin biscuits were reduced from eight bars to seven and have jumped in price from £1.25 to £1.50 for the smaller packs.

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At the time the products were shrunk, the biggest factor for the change was Russia’s invasion of Ukraine, which pushed up the cost of commodity crops, such as wheat and vegetable oils, which are widely used in the manufacture of Britain’s most popular biscuits.

In May, Hellmann’s mayonnaise jars were also slimmed down, with the 800g products replaced with 600g versions.

While these are 25% smaller in size, they cost 14% more at £3.75.

This comes as card spending in supermarkets dropped to 5.2% in July, down from 9.8% in June, while concern around rising food prices remains high across 91% of shoppers.

Over a third (35%) of customers are purchasing items in bulk and 41% are shopping at multiple stores in a bid to save money.



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