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High inflation is subsiding, but many Americans have yet to see relief from elevated prices at the grocery store. "Grocery prices are up because of good old-fashioned corporate price gouging," Warren said. "And they can gouge consumers on prices because there's only a small number of companies controlling every level of the food chain." "When you spend this kind of money, you're going to have inflation," Kennedy said. "Inflation is coming down, but prices remain elevated," said Mark Hamrick, senior economic analyst at Bankrate.
Persons: they've, Sen, Elizabeth Warren, Warren, John Kennedy, Joe Biden, Kennedy, Harris, Mark Hamrick Organizations: Senate, Finance
New York CNN —Some progressives have frequently blamed corporate greed for fueling the high cost of living that Americans are fed up with. That’s corporate greed. That’s corporate greed. Although the paper did not directly mention corporate greed, shrinkflation or Biden, the research undercuts the argument that greedflation drove the early inflation. That report found corporate profits were to blame for 34% of inflation since the start of Covid-19.
Persons: Sen, Elizabeth Warren, ” Warren, “ That’s, It’s, , , Joe Biden, ” Biden, CNN’s Erin Burnett, Biden, – we’re, shrinkflation, greedflation, Jeremy Edwards, ” Edwards, , , Greg Valliere, ” Valliere, Jerome Powell, Caroline Ciccone, profiteer Organizations: New, New York CNN, Federal Reserve Bank of San Francisco, Fed, SF Fed, , CNN, White, AGF Investments, Federal Reserve, Federal, Federal Reserve Bank of Kansas City Locations: New York, America, Kansas
Analyst Edward Kelly upgraded the discount retailer to overweight from equal weight and opened a $180 price target. Yefremov's $400 price target indicates shares can jump 31.7% from Wednesday's closing price. Analyst Andrea Teixeira downgraded the energy drink maker to neutral from overweight and cut her price target by $7 to $59. — Alex Harring 5:38 a.m.: Wall Street reacts to Meta earnings Meta Platforms disappointed investors with its weak revenue guidance , sending shares down about 13% in premarket trading. His price target of $55 implies upside of 22% over the next 12 months.
Persons: Bernstein, Wells, Edward Kelly, shrinkflation, Kelly, — Alex Harring, Sherwin, Williams, Aleksey Yefremov, Yefremov, Doug Creutz, Creutz, Judas, Goldman, bullish, Goldman Sachs, Brooke Roach, Roach, Andrea Teixeira, Alex Harring, Ford, Wells Fargo, Colin Langan, Langan, LSEG, Eric Sheridan, Brian Nowak, Morgan Stanley, Doug Anmuth, Ronald Josey, Daniel Roeska, Roeska, General Motors, Fred Imbert Organizations: CNBC, General Motors, Traders, Grand Theft, Sony, Electronic Arts, TJX, TJX Companies, JPMorgan, Monster Beverage, Ford, Ford Pro, Facebook, Meta, Citi, mojo, General, GM Locations: Wells Fargo, Thursday's, Wednesday's, Michigan
More voters trust Donald Trump than President Joe Biden to deal with inflation and the cost of living, their top concerns for the U.S., according to the latest NBC News poll. The poll of 1,000 registered voters nationwide found that 52% of respondents said Trump would better handle inflation and the cost of living, while 30% said the same of Biden. For example, while Trump lambasts Biden's economy, the president has doubled down on the claim that the U.S. "has the best economy in the world." But voters' rosy memory of the Trump economy has been a consistent thread in early polling and continues to weigh on Biden's momentum. Despite Biden's efforts to refocus the conversation on other economic issues, inflation appears to remain an unavoidable barrier to winning over the public's trust.
Persons: Donald Trump, Joe Biden, Trump, Biden, Herbert Hoover, Donald Organizations: NBC, New York Times, Siena College Locations: Pennsylvania, Pittsburgh, China, Scranton , Pennsylvania, U.S
CNN —Not even a beer at the movies is spared from shrinkflation, alleges a lawsuit against Cinemark. Waldrop then took the container home and measured it for himself, finding it only held 22 ounces, according to the lawsuit. Rising prices seem to have boosted that revenue: Cinemark reported concession revenue for 2023 exceeded revenue in 2019 by 3%, even though movie attendance was 25% lower. A 20-ounce drink at the Plano, Texas, Cinemark theater Waldrop visited costs $7.80 pre-tax, while a 24-ounce drink costs just $1 more, at $8.80. “The 24 oz drink should provide a deal for consumers over the 20 oz drink’s price: $0.37 per ounce vs. $0.39 per ounce,” the lawsuit said.
Persons: Shane Waldrop, Waldrop, overpaying, ” Jarrett Ellzey, Cinemark, , Pennsylvania Democratic Sen, Bob Casey, ” Ellzey, , CNN’s Bryan Mena Organizations: CNN, Cinemark, Pennsylvania Democratic, Labor Department Locations: shrinkflation, Texas, Plano , Texas
“Shrinkflation,” the signs say. “This product has seen its volume decrease and the price charged by our supplier increase.”On Friday, the French government took steps to require every food retailer in the country to follow suit. By July 1, stores will have to plaster warnings in front of all products that have been reduced in size without a corresponding price cut, in a bid to combat the consumer scourge known as shrinkflation. “The practice of shrinkflation is a scam,” Bruno Le Maire, France’s finance minister, said in a statement. “We are putting an end to it.”
Persons: , ” Bruno Le Maire, Organizations: France’s, Pepsi Locations: Carrefour
Indeed, the pressure to tip has increased over the past year, NerdWallet's consumer budgeting report also found — a feeling now known as "guilt tipping." 'Guilt tipping' is on the riseParticularly when it comes to payment prompts with predetermined options that can range between 15% and 35% for each transaction, "the guilt kind of washes over you," Self said. However, "you are not obligated to tip," Self added. Too often, consumers feel obligated to tip, he said. In the end, he said, that will be what causes business owners to scale back on suggested tip amounts or eliminate tip prompts altogether.
Persons: Tim Self, Jgi, jamie Grill, Alex Skijus Organizations: Austin Peay State University, True, Wealth Management Locations: Clarksville , Tennessee, Tampa , Florida
Pixelseffect | E+ | Getty ImagesSome grocery store products are providing less for your money. At the State of the Union, he again took a stand against shrinkflation, complaining that Snickers bars have become smaller. on X earlier this month, the White House responded, "C is for consumers getting ripped off." Where consumers may see shrinkflationFor now, it's up to consumers to spot the changes companies may make to their products. Why critics say shrinkflation is the wrong focusWhile shrinkflation is now under the political spotlight, not all experts agree the emphasis is correctly placed.
Persons: Joe Biden, Cookie, Biden, hasn't, Cookie Monster, Mara Weinraub, Weinraub, Shrinkflation, shrinkflation, Veronique de Rugy, de Rugy, David Doyle, Justin Sullivan Organizations: State, Union, shrinkflation, White, Federal Trade Commission, FTC, of Labor, Finance, Social, Federal, Labor Statistics, of Labor Statistics, George Mason University, Costco, Getty Locations: U.S, California, Macquarie, Novato , California
Be on the lookout for new packaging, shop store brands, and keep track of the unit pricing to avoid losing money to shrinkflation. Buy store brandsStore brands typically have cheaper prices than the major brands that you find on store shelves. Think Kirkland brand at Costco or the store brands in Walgreens or Walmart. Because store brands are already generally the cheaper options, they will also be slower to repackage or downsize their products. For example, a 30-ounce jar of pickles that costs $8 would list a unit price of $0.27 per ounce.
Persons: Shrinkflation, Biden, shrinkflation, Kirkland Organizations: Costco, Walmart, Quicken Locations: Walgreens
Why are prices still so high? Corporate greed, some say.
  + stars: | 2024-03-11 | by ( Tami Luhby | )   time to read: +7 min
While supply chain problems and high demand may have helped spur inflation early in the pandemic, Rosolino believes there’s another key reason why prices have soared and remained high: Corporate greed. It’s corporate greed.”Nick Rosolino feels businesses won't lower their prices as long as consumers keep spending. “Too many corporations raise prices to pad their profits, charging more and more for less and less,” Biden said. Companies are typically slower to reduce their prices when costs decline than they are to raise prices when their expenses jump. Corporate profits have contributed to inflation, though experts differ on the extent.
Persons: Nick Rosolino, Rosolino, there’s, , “ It’s, Nick Rosolino Reluctantly, Joe Biden, , ” Biden, Cookie Monster, Lael Brainard, Goldman Sachs, Neil Bradley, Heather Vargas, ” Vargas, ” Heather Vargas, Heather Vargas Vargas, , Kellogg, Gary Pilnick’s, Companies haven’t, Aaron Hackman, McKinley Conner, Aaron Hackman “, Hackman Organizations: CNN, America, White, Economic Council, Federal Reserve, Companies, Federal Reserve Bank of Kansas City, US Chamber of Commerce, of Labor Statistics, Locations: Maine, New Gloucester , Maine, Portland, Heights , California, Fort Lauderdale , Florida
Opinion: The one thing Biden and Trump agree on
  + stars: | 2024-03-10 | by ( Richard Galant | )   time to read: +17 min
We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. That reference to Election Day is perhaps the only line in Trump’s speech that President Joe Biden would agree with. In another America, they would be collegial members of the Presidents Club, bonding over memories of how they overcame their thorniest challenges. “Biden sounded like he’s ready to go toe to toe with former President Donald Trump and win in November. Paul Sracic noted that Biden lost White voters without college degrees by 35 points in 2020.
Persons: CNN — “, Donald Trump, Joe Biden, Franklin D, Biden, , Lincoln, Roosevelt’s, Trump, Joe Biden’s, , Jill Filipovic, Clay Jones, David Gergen, Daniel McCarthy, , ” “ Biden, Ronald Reagan, Bill Clinton, wasn’t, ” Carrie Sheffield, ” Sheffield, “ Joe Biden, Roxanne Jones, “ Biden, Julian Zelizer, White, Paul Sracic, MAGA, Keith L, Magee, Patrick T, Brown, Dobbs, Roe, Wade, , Bill Bramhall, Nick Anderson, Manisha Sinha, ” “, Abraham Lincoln, SCOTUS, Anderson, ” Sinha, Frida Ghitis, David Mark, Trump Drew Sheneman, CNN “, Cupp, Hillary Clinton, “ deplorables, ” Cupp, Bill McGuire, Jason Momoa, Ed Mierzwinski, Elena Sheppard, Kara Alaimo, It’s, Euny Hong, Greta Gerwig’s, Sandra, O’Connor, Jason Kelce, Matt Rourke, Jason Kelce’s, Amy Bass, “ Kelce, ” Bass, Jason, ” Dana Summers, Errol Louis, Liam Kerr, Sinema, Richard Salgado, Levinson Moriarty, Celine Song, Greta Gerwig, Barbie, Justine Triet, Alberto Rodriguez, Jaap Buitendijk, Kate Green, “ Oppenheimer, Noah Berlatsky, “ Barbie, “ It’s, ” Berlatsky, Barbie ’, Bradley Cooper’s, Maestro ’, Christopher Nolan’s ‘ Oppenheimer, clichés, Alexander Payne’s ‘, Organizations: CNN, Super, GOP, Trump, Union, Presidents Club, , Democratic, Twitter, Agency, Tribune, Supreme, Republican Party of, MSNBC, Consumer Financial, US Chamber of Commerce, US, Jason Kelce Philadelphia Eagles, Monday, Pro, Bowl, White, Warner Bros, Everett, Getty Locations: America, Joe Biden’s State, Trump, Washington, United States, Civil, American, New York City, Chicago, Denver, , Paris, France
READ: Biden's State of the Union Address
  + stars: | 2024-03-07 | by ( U.S. News Staff | March | At P.M. | )   time to read: +41 min
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.
Persons: Joe Biden's, Franklin Roosevelt, , Hitler, Roosevelt’s, Lincoln, Putin, Ronald Reagan, thundered, Mr, Gorbachev, we’ve, Insurrectionists, ., Jan, I’ve, Latorya Beasley, Roe, Wade, Harris, Kate Cox, Kate, – that's, won’t, Hope, Shawn Fain, Dawn Simms, Dawn, That’s, Jill, I’m, Keenan Jones –, Sen, Bob Casey’s, It’s, It’d, Edmund Pettus, John Lewis, Betty May Fikes, , Banning, Jasmine, Jackie, we’re, Evan, Paul, Israel, , We’ve, aren’t, They’ve, We’re, King, Bobby Kennedy, you’ve, Let’s Organizations: Madame, Union, Overseas, Republican, NATO, Alliance, National Security, America, That's, Act, Infrastructure Law, UAW, Big Pharma, Medicare, Affordable, White, Initiative, Women’s Health Research, Grants, Child, Big Oil, Social Security, Border Patrol Union, Dreamers, Peace Corps, Ameri Corps, Corps, American, House, NRA, Hamas, United, U.S, ARPA, Star Locations: Joe Biden's State, Europe, Russia, Ukraine, American, Russian, America, Finland, Sweden, United States, Birmingham , Alabama, Alabama, Dallas, Texas, COVID, That's America, Belvidere , Illinois, Belvidere, it’s, Shawn, HBCUs, Minnesota, Ireland, Selma , Alabama, Selma, Uvalde , Texas, Uvalde, Iowa, Israel, Gaza, U.S, Saudi Arabia, Iran, Red, China, Taiwan Strait, I’ve, Scranton , Pennsylvania, Claymont , Delaware, United States of America
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
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
Shrinkflation 101: The Economics of Smaller Groceries
  + stars: | 2024-03-01 | by ( Jeanna Smialek | )   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
Chocolate bars are getting way less chocolatey
  + stars: | 2024-03-01 | by ( Geoff Weiss | )   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
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 | )   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
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
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
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 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
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
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
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
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