Snickers is refuting President Joe Biden’s claims that it is secretly reducing the size of its candy bars.
Biden said in his State of the Union address last Thursday, accused Shrinkflation is the process by which manufacturers reduce the amount of product in a package without adjusting the price.
“Too many companies are inflating prices to inflate profits, charging more and more for less and less. We’re cracking down on companies that set prices that are too high,” Biden said. “In fact, snack companies think they won’t notice if they change the size of their bags and drastically reduce the number of chips they put in the same size bag. No, we’re not kidding. That’s what it’s called. “Shrinkflation.” ”
Biden then specifically targeted Snickers.
“You probably all saw that commercial at the Snickers bar, where you get charged the same amount and get, I don’t know, about 10% less Snickers,” he claimed.
But Mars, the candy company that makes Snickers bars, released a statement accusing Biden of not telling the truth.
statement read:
We are not reducing the size of Snickers singles or shares in the US. Like many industries, we continue to face high inflation and rising material costs. However, we strive to absorb these additional costs wherever possible in order to provide you with affordable prices and the best value. Final prices are always at the retailer’s discretion, but we make every effort to keep costs to a minimum in order to offer a wide range of delicious products.
Biden is targeting shrinkflation as a new economic enemy because inflation has been consistently improving and his claims that the crisis is over collapse under scrutiny.
On Tuesday, the Bureau of Labor Statistics reported that inflation not improved.
In fact, inflation rose 0.4% in February and has risen 3.2% over the past 12 months, the BLS said. Meanwhile, the core inflation rate, which subtracts food and energy from inflation, also rose by 3.8% from last year.
Both indicators reflect the continued strain on American wallets. Yes, the inflation rate is not 9% like it was two years ago.But the price of the product still increasingno matter what the president says.
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