‘Shrinkflation’ proves bitter pill for sweet lovers
SHRINKING chocolate bars have helped bump up the total cost of sweet treats over the past five years, according to the Office for National Statistics (ONS).
The ONS said so-called “shrinkflation”, where the size of a product is reduced and the price stays the same, has added 1.22 percentage points to the inflation rate of the sugar, jam, syrups, chocolate and confectionery category since 2012.
The statistics agency said chocolate manufacturers had blamed the fall in size on the rising cost of raw materials.
However, the European import price of sugar sank to its lowest level on record in March of this year, while cocoa prices have dropped sharply since record highs seen in 2015.
The ONS brushed aside the idea that the result of the Brexit referendum was a key factor behind the falling size of chocolate bars.
It said: “Manufacturers’ costs may also be rising because of the recent fall in the value of the pound – leading some commentators to attribute shrinkflation on the UK’s decision to leave the European Union.
“But our analysis doesn’t show a noticeable change following the referendum that would point towards a Brexit effect.
“Furthermore, others (including Which?) had been observing these shrinking pack sizes long before the EU referendum, and several manufacturers have denied that this is a major factor.”
The statistics agency found 2,529 occasions in which different types of products had changed size over the past five years, but said the difference had little impact on the headline rate of inflation.