How ‘shrinkflation’ may worsen expected ’23 food price hikes

NewsNation Staff

Updated: Dec 29, 2022 / 08:40 PM CST

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(NewsNation) — From gas to air fares, just about everything has gone up in price, but where Americans might feel it the most is at the grocery store.

While the U.S. Department of Agriculture expects food inflation to cool in 2023, it still forecasts price increases of 3.5% to 4.5%. For comparison, 2022 food prices were expected to increase between 9.5% and 10.5% from their year-ago marks. The 20-year average is 2.4%.

But it’s not just inflation that is impacting consumers wallets. There’s also shrinkflation — paying the same price but getting less for your money.

Supermarket guru and food industry analyst Phil Lempert joined “CUOMO” on Thursday to break down the concept of shrinkflation and discuss the expected food price hikes for 2023. Items expected to be in short supply include rice, beef, turkey and toilet paper.

Watch a portion of Lempert’s interview above.