U.S. Senator Elizabeth Warren (D-MA), who often speaks out on consumer protection, yesterday released a video in which she rages against corporate greed and targets a number of iconic brands and companies.
Warren claims that giant corporations including those who sell the flavored tortilla chips Doritos (PepsiCo’s Frito-Lay) and Oreos (Mondelez International) are “shrinking how much they give us but they’re charging the same amount or sometimes even more.”
She calls the sales tactic a “trick” and says the effect is “shrinkflation.”
From Doritos to Oreos to toilet paper, giant corporations are shrinking how much they give but charging the same price or more. We're not fooled.
— Elizabeth Warren (@SenWarren) February 4, 2024
Corporations are boosting their profits with these tricks.
It's time to crack down on shrinkflation and corporate greed. pic.twitter.com/AefmKWAvZu
Warren said, “Corporations thought we wouldn’t notice, but they’re wrong.” She said: “Now the corporations come back crying, ‘oh it’s all because of inflation.'”
Warren questioned the response by asking corporations, “How is it that corporate profits have increased by 75% over the past few years? They are outrunning inflation by miles.”
Note: Snack Food & Wholesale Bakery reported that in 2022, “The Doritos brand continued its dominance of the [tortilla chip] category with $3.0 billion in sales, up 8.9%, representing nearly half (44.7%) of the total.” And that’s “in spite of the fact that the numbers of bags placed in shopping carts barely budged—thanks to the price increases seen throughout the grocery store and elsewhere.”
Warren concluded: “We’re not fooled. These giant corporations are inflating their profits and leaving us with the crumbs, literally.”
“It’s time to crack down on corporate greedflation. I’m fed up. No pun intended.”
