Shrinkflation, Inflation Hit Grocery Store Shelves Ahead of Memorial Day
In just the past year, the US has seen the price of seemingly everything rise and fall, from gas to eggs. Now, those prices are hitting everyday items in the grocery stores.
But it's more than just increased prices, many products follow the trend of "shrinkflation," when companies put give you less of a product without decreasing the price.
"A month ago, you could buy four boxes of Mike & Ike for a buck," said Daniel Serafin, owner of Serafin Food Market, who uses Mike & Ike candies to prove his point.
"Today you can only buy three boxes of Mike & Ike for a dollar. And you can see how much that has affected your dollar when you see a fourth of your buying power has already gone down...We just hope it never gets down to two boxes for a buck."
According to the Bureau of Labor Statistics, the price of food has risen 7.7% in the past year, outpacing the inflation rate for 2022, which is 6.5%
Serafin says while his profits haven't been affected, he has noticed customers buying less and saving more.
"We've noticed [business has] still been good," said Serafin. "But people are watching what they're buying."