Investigation into 209 Processed Foods Begins... 'Shrinkflation Report Center' Also Established
On the 22nd, the Fair Trade Commission and Korea Consumer Agency held a meeting
The government will conduct an investigation of 209 processed food products and establish a Shrinkflation Reporting Center to respond to shrinkflation, which aims for an effective price increase by reducing the quantity instead of raising the price.
On the 22nd, Cho Hong-seon, Vice Chairman of the Korea Fair Trade Commission, held a meeting with related ministries including the Ministry of Economy and Finance, Ministry of Agriculture, Food and Rural Affairs, Ministry of Trade, Industry and Energy, Ministry of Oceans and Fisheries, and the Ministry of Food and Drug Safety, as well as consumer organizations and the Korea Consumer Agency, and announced this plan. The Consumer Agency will conduct an investigation on 73 items (209 processed foods) related to shrinkflation until the end of November, and plans to announce the results in early December.
Vice Chairman Cho stated, “To collect information on quantity adjustments of products not included in the investigation items, the Shrinkflation Reporting Center will be established on the Korea Consumer Agency’s website starting from the 23rd to receive reports.” He also said there are plans to reorganize the Consumer Agency’s True Price website to disclose not only price change information but also weight change information, allowing consumers to check shrinkflation information at any time.
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Furthermore, Vice Chairman Cho said, “We will promote the conclusion of voluntary agreements among businesses centered on the Consumer Agency to encourage the industry to refrain from hidden price increases, and we will strive to make information on unit prices and quantity changes easily recognizable to consumers.”
This year, the prices of childcare products such as baby formula and diapers have risen significantly. According to data from the Statistics Korea National Statistical Portal, among 11 products mainly consumed by households with infants and toddlers from January to October this year, the price increase rate of 6 items was higher than the overall average of 3.7%. The photo shows the baby formula display at a large supermarket in Seoul on the 14th. Photo by Jinhyung Kang aymsdream@
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