We know corporations are constantly finding new ways to charge customers more and boost their profits. Every time Ohioans check out at the store, they aren’t just paying for their groceries, they’re paying for corporate stock buybacks and executive bonuses.
In 2022 alone, grocery prices increased by 12 percent – the largest spike in nearly 50 years. And it’s not just higher prices. Big corporations are shrinking the size of their products without also lowering the price.
The media has started calling the deceptive practice “shrinkflation.” Whatever you want to call it, we can all agree that it needs to stop.
Ohioans see it on the shelves: a 32 oz bottle becomes a 28 oz bottle. A 16 oz can becomes a 14 oz can. “Half-gallons” of ice cream are no longer actually a half gallon – all while the prices stay the same or even go up.
It’s why I introduced the Shrinkflation Prevention Act to crack down on companies that shrink their products without shrinking their prices.
Our bill would direct the Federal Trade Commission to consider this “shrinkflation” a deceptive practice and authorize them to pursue legal action against companies engaging in it.
It means these companies will be held accountable and penalized for this deceptive practice that’s costing Ohioans. These tactics make it harder for a competitor to come in and offer the same product at a lower price, and make it harder for customers to compare prices. The FTC’s job is to ensure we have a fair, competitive marketplace – and they need to take action against these kinds of tricks.
It’s simple: Ohioans should get what they pay for. That’s what our bill would help ensure.
Sherrod Brown is the senior U.S. senator from Ohio.
