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President Joe Biden's State of the Union address as prepared for delivery:Good evening. A former American president actually said that, bowing down to a Russian leader. And it’s because of you that tonight we can proudly say the State of our Union is strong and getting stronger. Americans pay more for prescription drugs than anywhere else. I say this as a lifelong supporter of Israel and the only American president to visit Israel in wartime.

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☆ Opinion: A Black man’s view on what Biden should do for the White working class
▼ + stars: | 2024-03-06 | by ( Opinion Keith Magee | ) edition.cnn.com time to read: +10 min

Could President Biden, who claims to have labor-friendly policies, be the one to turn the tide by appealing to the White working class and giving his party a much-needed electoral boost in the process? After all, issues affecting poor White voters, such as health care, higher education and increased access to childcare have long been traditional Democratic priorities. That gaffe echoed Obama’s off-the-cuff remark in 2008 that “bitter” low-income voters “cling to guns or religion” — comments that didn’t endear him to the White working class, either. Some White voters of modest means perceive Democrats as being determined to secure equality for minority groups at their expense. And working-class White Americans tended for some reason not to perceive Obamacare — the president’s signature social policy achievement — as immediately benefiting them.

Persons: Keith Magee, I’m, Donald Trump, Keith Magee Arron Dunworth, pollsters, Biden, White, ”, Du Bois, Bill Clinton, Hillary Clinton —, They’ve, —, MAGA, Hillary Clinton’s horrendously, Caroline Graham of, Barack Obama’s, Obama, Obamacare, Trump, –, you’ll, ” —, Martin Luther King, Jr, Will Biden Organizations: University College London Institute for Innovation, Newcastle University, CNN, Republicans, White, Democratic, Trump, Brookings Institution, Infrastructure Investment, Jobs, United Auto Workers, Poor Locations: American, America, Trump, Michigan, Thursday’s

☆ Even Cookie Monster is complaining about the US economy now
▼ + stars: | 2024-03-04 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Cookie Monster has taken a stance on a very real and controversial trend in the US economy — and he hates it. Me cookies are getting smaller,” Cookie Monster wrote. “Household paper products, like toilet paper and paper towels, are 34.9 percent more expensive per unit than they were in January 2019. The latest Consumer Price Index showed that inflation didn’t ease in January as much as Wall Street was expecting. Americans’ attitudes toward the economy have improved recently, thanks to slowing inflation, according to consumer surveys, but remain below levels seen before the Covid-19 pandemic.

Persons: “, “ Guess, Democratic Sen, Bob Casey, It’s, Sherrod Brown, Cookie, ”, Joe Biden, Biden, shrinkflation, ” Biden, Casey, Jerome Powell, Powell Organizations: DC CNN, Democratic, Labor Department, Research, of, Federal Trade Commission, Fed Locations: Washington, Ohio

☆ Chocolate bars are getting way less chocolatey
▼ + stars: | 2024-03-01 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Cocoa futures have reached a record high of $6,000 per ton. AdvertisementAs cocoa prices skyrocket thanks to extreme weather, crop disease, and structural issues, chocolate bars are not only falling victim to shrinkflation — they're getting a lot less chocolatey. Last year, Mars shrunk its Galaxy bars by 10 grams without lowering the price, according to Bloomberg, which reports that cocoa futures have for the first time surpassed $6,000 per ton. As a result, candy makers are unveiling bars that put other ingredients centerstage. This story is available exclusively to Business Insider subscribers.

Persons: Hershey, —, shrinkflation — they're Organizations: Service, Bloomberg, Business

☆ Shrinkflation 101: The Economics of Smaller Groceries
▼ + stars: | 2024-03-01 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Companies are downsizing products without downsizing prices, and consumer posts from Reddit to TikTok to the New York Times comments section drip with indignation at the trend, widely known as “shrinkflation.”The practice isn’t new. President Biden tapped into the angst in a recent video. (“What makes me the most angry is that ice cream cartons have actually shrunk in size, but not in price,” he lamented.) One Canadian chain unveiled a growflation pizza. (“In pizza terms,” the company’s news release quipped, “a larger slice of the pie.”)

Persons: Sellers, Biden, ” Organizations: New York Times Locations: Reddit, TikTok

☆ Kellogg's faces a backlash after encouraging cash-strapped shoppers to eat cereal for dinner: 'What the hell kind of dystopian hellscape is this?'
▼ + stars: | 2024-02-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Kellogg's is advertising cereal for dinner as an alternative for people struggling with food prices. WK Kellogg CEO Gary Pilnick told CNN last week that the messaging was "landing really well" with customers. Cereal prices shot up 13% in 2022Grocery prices soared during the pandemic as supply-chain chaos pushed up costs for producers. Advertisement"The cereal category has always been quite affordable, and it tends to be a great destination when consumers are under pressure," Pilnick told CNN. Pilnick told CNN last week that more than a quarter of cereal consumption is outside breakfast.

Persons: aren't, WK Kellogg, Gary Pilnick's, Pilnick's, —, Gary Pilnick, Marie Antoinette, Marianne Williamson, Pilnick, Sadie Garcia, Kellogg Organizations: Service, CNN, YouTube, American Academy of Pediatrics, American Heart Association, Bureau of Labor Statistics, Graham

☆ Biden Targets a New Economic Villain: Shrinkflation
▼ + stars: | 2024-02-26 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

“I’ve had enough of what they call shrinkflation,” Mr. Biden declared. The video lit up social media and delighted a consumer advocate named Edgar Dworsky, who has studied “shrinkflation” trends for more than a decade. He has twice briefed Mr. Biden’s economic aides, first in early 2023 and again a few days before the video aired. The second clearly informed Mr. Biden’s new favorite economic argument — that companies have used a rapid run-up in prices to pad their pockets by keeping those prices high while giving consumers less. The products arrayed in the president’s video, like Oreos and Wheat Thins, were all examples of the shrinkflation that Mr. Dworsky had documented on his Consumer World website.

Persons: Biden, “ I’ve, Mr, Edgar Dworsky, Biden’s, Dworsky Organizations: Super, Sunday

☆ Food hasn't been this much of your budget since the '90s
▼ + stars: | 2024-02-24 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Consumers are spending more of their budgets on food than they have in 30 years. And high food costs could stick around for a while, executives and small business owners have said. US consumers spent 11.3% of their disposable income on food in 2022, The Wall Street Journal reported on Wednesday, citing data from the US Department of Agriculture. The last time food made up as much of their spending was in 1991, the Journal reported. AdvertisementIt looks like elevated food costs will likely stick around, too.

Persons: it's, —, haven't, It's, François, Xavier Roger, Roger, Brian Will, they've, Steve Cahillane Organizations: Service, Street, US Department of Agriculture, Business Locations: Georgia

☆ Why the new Major League Baseball jerseys have players and fans furious
▼ + stars: | 2024-02-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

New York CNN —Major League Baseball players will be wearing new jerseys this season. Some players have complained that there are fewer tailored options available for pants, and the players’ union has reportedly raised criticism of the jerseys to Nike and MLB. (The Major League Baseball Players’ Association did not respond to CNN’s request for comment.) Teams retire their most important players’ jersey numbers. “This is joining that narrative.”Some NHL fans, like baseball fans, are worried about Fanatics’ deal with the NHL to produce authentic jerseys players wear in games because of concerns about quality, limited selection and prices.

Persons: Sam Navarro, ”, cringe, Stephen Andon, ” Andon, “, Nike, ” Jason Heyward, Rob Manfred, They’re, what’s, Paul Lukas, Billie Weiss, ” Lukas, ’, Andon Organizations: New, New York CNN — Major League Baseball, Nike, MLB, Louis Cardinals, Philadelphia Phillies, Mariners, USA, Reuters, Baltimore Orioles, Major League Baseball Players ’, Montclair State University, Los Angeles Dodgers, NFL, NBA, NHL, Topps, Mitchell, Sports, Uni Watch, Boston Red Sox, Adidas, Reebok, CNN Locations: New York, New St

☆ Biden is calling out corporations because 'his administration is underwater with independents,' Andrew Yang says
▼ + stars: | 2024-02-13 | by ( Taylor Craig | In | ) www.cnbc.com time to read: +1 min

Biden was sitting beside common snacks like Oreos, Doritos and Goldfish during the 48-second clip, posted to X. Shrinkflation happens when consumer products get smaller in weight, size or quantity while their prices stay the same or even increase. "That's a message that the average consumer will nod their heads and say 'sure, I hate it when that happens,'" former presidential candidate Andrew Yang said. "They're gonna have to keep making this case around the country because the Biden administration is underwater with independents who are going to decide this November's election," Yang, now the co-chair of the Forward Party said. "They're going to be trying anything they can to say, at least, 'we're on your side.'"

Persons: Joe Biden, Biden, I've, Andrew Yang, that's, Lael Brainard, Yang Organizations: Super, Sunday, National Economic, Forward Party

☆ Lael Brainard slams food companies for ‘shrinkflation' as White House attacks price gouging
▼ + stars: | 2024-02-13 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Director of the National Economic Council Lael Brainard speaks during the daily press briefing at the White House January 11, 2024 in Washington, DC. National Economic Council Director Lael Brainard on Tuesday blamed higher consumer prices on "shrinkflation," doubling down on the latest battlefront of President Joe Biden's corporate pressure campaign. Shrinkflation, the practice of reducing product sizes while keeping prices the same, is Biden's latest line of attack against corporations, which he debuted on Super Bowl Sunday. Both the White House and Biden's 2024 reelection campaign have touted inflation recovery as a key accomplishment of his economic agenda, dubbed Bidenomics. "The president is going to continue emphasizing that input costs have come down, supply chains have healed," Brainard said.

Persons: Lael Brainard, Brainard, Joe, Biden Organizations: National Economic, Economic, Cola, PepsiCo, Procter, Gamble, Super, Sunday, White Locations: Washington , DC

☆ Biden calls on snack makers to stop 'shrinkflation' rip-offs. Here's how to spot downsized grocery store products
▼ + stars: | 2024-02-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

The phenomenon called shrinkflation — where consumer products become smaller in quantity, size or weight while their prices stay the same or increase — is a "rip off," Biden said. "Some companies are trying to pull a fast one by shrinking the products little by little and hoping you won't notice," said Biden, who called for the companies to put a stop to the practice. These tactics tend to become more prevalent during times of high inflation, Dworsky said. "This corporate greed is one of the reasons that Americans are frustrated by expensive grocery bills," Casey said in a December statement. "I'm hoping with inflation subsiding a little bit that we'll see fewer examples, but it's never going to go away," Dworsky said.

Persons: Anna Bizon, Joe Biden, Biden, Edgar Dworsky, Dworsky, Sen, Bob Casey, Casey, it's, shrinkflation Organizations: Getty, Finance, shrinkflation, U.S . Bureau of Labor Statistics Locations: TikTok, Washington, shrinkflation

☆ Biden calls on snack companies to stop shrinkflation ahead of Super Bowl
▼ + stars: | 2024-02-11 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +2 min

New York CNN —Joe Biden doesn’t want corporate greed to eat into your Super Bowl snack spread. “The American public is tired of being played for suckers,” said Biden in the video. He called on companies “to put a stop to this,” but did not mention any actionable steps his administration would be taking. Biden also didn’t address the companies by name, although the video panned over snacks like Doritos, Wheat Thins and Gatorade, which were mentioned in Casey’s report. Another 13% who feel the economy is still in decline cite Biden or Democratic policies.

Persons: New York CNN — Joe Biden doesn’t, ”, Shrinkflation, Democratic Sen, Bob Casey of Pennsylvania, Biden, Wheat, SSRS, CNN’s Ariel Edwards, Levy Organizations: New, New York CNN, Twitter, Democratic, Gatorade, CNN, Democrats Locations: New York

☆ The US economy is doing well. President Biden wants to know why so many Americans are still feeling bad
▼ + stars: | 2024-02-06 | by ( Mj Lee | ) edition.cnn.com time to read: +6 min

That has prompted President Joe Biden to repeatedly ask his advisers: Why then are so many Americans still not feeling great about the economy? While inflation has eased in recent months, prices on most goods are still higher than they were in the spring of 2021. Still, Biden’s economic advisers are increasingly telling the president in private that they feel optimistic about the direction things are headed. Historic-high prices that plagued the first few years of the Biden administration continue to moderate, all while economic growth is outpacing expectations. If those trend lines continue, they have cautiously told Biden, consumer sentiment, too, should begin to course-correct.

Persons: Joe Biden, Inflation, Biden, ‘ Sir, we’ll, “, ”, SSRS, Donald Trump, –, ” Biden, – we’re, – Sen, Bob Casey of, greedflation Organizations: Washington CNN, CNN, White, University of Michigan, Conference Board, New York Times, UBS Global Wealth Management Locations: Columbia , South Carolina, America, Bob Casey of Pennsylvania, Las Vegas, American

☆ Biden Takes Aim at Grocery Chains Over Food Prices
▼ + stars: | 2024-02-01 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

President Biden, whose approval rating has suffered amid high inflation, is beginning to pressure large grocery chains to slash food prices for American consumers, accusing the stores of reaping excess profits and ripping off shoppers. “There are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation,” Mr. Biden said last week in South Carolina. Aides say those comments are a preview of more pressure to come against grocery chains and other companies that are maintaining higher-than-usual profit margins after a period of rapid price growth. Mr. Biden’s public offensive reflects the political reality that, while inflation is moderating, voters are angry about how much they are paying at the grocery store and that is weighing on Mr. Biden’s approval rating ahead of the 2024 election. Those prices jumped by more than 11 percent in 2022 and by 5 percent last year, amid a post-pandemic inflation surge that was the nation’s fastest burst of price increases in four decades.

Persons: Biden, Mr Locations: America, South Carolina

☆ Jack in the Box went through 60 different versions of its new burger before landing on the final recipe
▼ + stars: | 2024-01-23 | by ( Anneta Konstantinides | Nancy Luna | ) www.businessinsider.com time to read: +3 min

Read previewIt's been eight years since Jack in the Box released a new burger, and the Smashed Jack is already making a huge splash . "I think there was a year straight of trying different patties, different blends of meat, different types of ways we're going to cook it, how long we're gonna cook it." Jack in the Box's Smashed Jack, the first new burger launch in eight years, sold out in two weeks. Anneta Konstantinide/Business InsiderOstrom told BI that he and the chain's kitchen team went through 60 burgers before landing on the final Smashed Jack. The $8 Smashed Jack features a ¼-pound smashed-style beef patty, plus cheese, pickles, grilled onions, and the new "Boss" sauce.

Persons: —, Jack, It's, Ryan Ostrom, Ostrom, Anneta, Nancy Luna, I've, We're Organizations: Service, Business, Pepsi, Coke Locations: San Diego

☆ Branding’s corporate titans face moment of truth
▼ + stars: | 2023-11-22 | by ( Aimee Donnellan | ) www.reuters.com time to read: +8 min

Now for the first time this century, sales volumes at the big consumer goods manufacturers are falling. In the first nine months of the year, Kraft Heinz said the quantity of its sold items declined by nearly 6 percentage points year-on-year. That’s likely to allow Nestlé, Kraft Heinz and Unilever to see flat or modest increases in 2023 sales, LSEG data shows. Earlier this year, outgoing Kraft Heinz Chief Executive Miguel Patricio said the company lost market share to a branded competitor that spent more. Unilever, Nestlé and Kraft Heinz have all pointed to a slowing of price growth in the coming year.

Persons: Kraft Heinz, Nestlé, ’, Xavier Roger, Kraft, what’s, John Furner, Miguel Patricio, Mars, ”, François, EY, George Hay, Streisand Neto, Thomas Shum Organizations: Reuters, Consumer, Kraft, Unilever, Danone, ’, United Nations, Reuters Graphics Reuters, Nestlé, Kraft Heinz, Target, Reuters Graphics, Obesity, Mondelez, Walmart, “, Thomson Locations: U.S, Europe, Australia, Norway, Chocolat, London

☆ What is retail shrink, and how does it differ from theft?
▼ + stars: | 2023-11-21 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

"Shrink" has come up frequently as retailers like Walmart and Target talk about theft at their stores. AdvertisementExecutives at retailers like Walmart and Target often mention "shrink" or "shrinkage" when they talk about theft at their stores. In 2022, retailers lost $122.1 billion in shrink, or 1.6% of all retail sales, according to the National Retail Foundation. External theft represented 36% of shrink that year, while 29% came from employee theft. And executives at Dick's Sporting Goods said in August that higher-than-expected shrink from theft pulled the retailer's profits down during its second quarter.

Persons: —, it's Organizations: Walmart, Service, National Retail Foundation, Dick's Sporting Goods, CNBC

☆ Retailers are using a simple mind trick on you to make their discounts seem bigger than they are
▼ + stars: | 2023-10-13 | by ( Cork Gaines | ) www.businessinsider.com time to read: +4 min

This has retailers using an old trick to hide the true value of discounts from consumers, Walmart's ex-CEO says. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This means prices are still rising faster than the Fed's goal of getting inflation back down to 2.0%. The same logic applies here as a percentage discount doesn't mean you're getting a good deal if the original price was already greatly inflated.

Persons: Walmart's, —, it's, Bill Simon, Simon, they'll Organizations: Service, CNBC, Walmart, Hanes, Darden, Brands, Costco

☆ Even as job creation surges, Americans still think the economy stinks. Here's why
▼ + stars: | 2023-10-07 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

"You see all these high-level headline numbers, and those numbers don't jibe with your economic reality," said Elizabeth Crofoot, senior economist at labor analytics firm Lightcast. Higher prices have been one problem. Are the jobs numbers really that good? Beyond the housing costs, there's some evidence that the jobs numbers may not be all they're cracked up to be, either. After all, more than a quarter of the job creation for September came from lower-wage occupations in the leisure and hospitality industry.

Persons: Frederic J, Brown, Elizabeth Crofoot, nonfarm, Joe Biden's, Crofoot, millennials, Jessica Lautz Organizations: Shell, Afp, Getty, Labor Department, Reuters, Consumer, University of Michigan, Consumers, National Association of Realtors, NAR, Federal Reserve Locations: Alhambra , California, U.S

The data, compiled by NielsenIQ, showed overall sales volumes for shower gel, tampons, dishwashing products, laundry detergent and toilet paper declined in the year ended Sept. 17. Reuters GraphicsMajor brands like Ariel laundry detergent and Dove soaps have for years dominated the market versus retailers' private label goods. But the NielsenIQ data shows volumes for private label personal products are inching up while those for big brands decline. For instance, shower gel volumes fell 6% overall and 10% for big brands but rose 14% for private label products. Similarly, while laundry detergent volumes were down about 2% across the category and fell 10% for big brands, they surged 28% for private label brands.

Persons: Sarah Meyssonnier, NielsenIQ, Anton Delbarre, Emmanuel Macron's, Bernstein, Bruno Monteyne, Alexandre Bompard, Henkel, Eurocommerce, Richa Naidu, Helen Reid, Matt Scuffham, Catherine Evans Organizations: Carrefour, REUTERS, Unilever, Reuters, Nestle, Pepsico, Reuters Graphics, Consumer, Procter, Gamble, Delbarre, Thomson Locations: Montesson, Paris, France

☆ French supermarkets to demand food groups cut prices by up to 5%
▼ + stars: | 2023-09-20 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +3 min

French retailers have criticised consumer goods giants like Unilever and Nestle for price hikes they say are unjustified. The government has also put pressure on the consumer goods makers to cut prices. "We should probably be able to demand that the big (consumer goods) groups cut prices by between 2% and 5%," he said. Consumer goods firms are likely to face increased pressure across Europe to cut prices, industry experts say. Lawmakers also asked about buying alliances, which some supermarkets use to negotiate prices jointly with peers at the European level, and whether they enable retailers to evade French regulations on pricing.

Persons: Sarah Meyssonnier, Les Mousquetaires, Thierry Cotillard, Cotillard, Mousquetaires, Jan, Alexandre Bompard, Lawmakers, Systeme, Dominique Schelcher, E Leclerc, Philippe Michaud, Miloud, Leclerc, Michaud, Helen Reid, Hugh Lawson Organizations: REUTERS, Unilever, Nestle, Carrefour, Senate, REWE, Thomson Locations: Carrefour, Montesson, Paris, France, Portugal, Spain, Europe, Greece, London

☆ France to let fuel retailers sell below cost in inflation fight, prime minister says
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +2 min

PARIS, Sept 16 (Reuters) - The French government plans to temporarily lift a ban on retailers selling road fuel below cost as part of efforts to stem inflationary pressures on households, Prime Minister Elisabeth Borne told newspaper Le Parisien. A renewed surge in pump prices this summer has complicated the government's attempts to curb consumer inflation, with ministers calling on fuel and food industries to cut their margins. TotalEnergies (TTEF.PA) has extended a cap on fuel prices past the end of the year while some supermarket chains have held promotions to sell petrol at cost. "With this unprecedented measure, we will obtain tangible results for the French people, without subsidising fuel," she said in an interview published on Saturday. Regarding food prices, Borne told Le Parisien that companies from November would be required to indicate on labels when they modify the size of a product.

Persons: Elisabeth Borne, Le, Borne, Bruno Le Maire, Le Parisien, Gus Trompiz, Camille Raynaud, Jason Neely Organizations: Finance, Carrefour, Thomson

☆ Carrefour uses 'shrinkflation' stickers to pressure PepsiCo, Nestlé and Unilever
▼ + stars: | 2023-09-15 | by ( ) edition.cnn.com time to read: +3 min

French supermarket chain Carrefour has slapped price warnings on products ranging from Lindt chocolates to Lipton Ice Tea to pressure suppliers such as Nestlé, PepsiCo and Unilever to cut their prices. Carrefour is putting stickers on products that have shrunk in size but cost more even though raw materials prices have eased. After a new round of meetings last month, Le Maire said Unilever (UL), Nestlé and PepsiCo (PEP) were among companies not toeing the line on prices. Consumer groups say “shrinkflation” is a widespread practice, which supermarkets like Carrefour are also guilty of in their private label products. The shrinkflation warnings are in all French Carrefour stores, and will last until the targeted suppliers agree to price cuts, Bompais said.

Persons: Stefen Bompais, Alexandre Bompard, Bruno Le Maire, Le Maire, Nestlé, “, Bompais, — Organizations: Carrefour, Lipton, PepsiCo, Unilever, UL, Nestlé, Reuters Locations: France, Swiss, Carrefour

☆ French grocery chain adds 'shrinkflation' labels to products in bid to shame supplier pricing
▼ + stars: | 2023-09-15 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

Shopping cart in a department of a Carrefour supermarket, in front of pastas and sauces. French grocery chain Carrefour has taken the unusual step of adding labels to its products that have recently shrunk in size but have ramped up in price. The move — both in stores and on its website — looks to pile pressure on its suppliers that have increased prices for the chain, despite raw material prices having recently eased. Carrefour added the "shrinkflation" warning stickers to a range of products, from Lipton Iced Tea and Pepsi , to boxes of Lindt chocolates and baby milk powder. Carrefour did not immediately respond to a CNBC request for comment.

Organizations: Carrefour, Lipton, Tea, Pepsi, Reuters, CNBC

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