Anyone living in Turkey knows about hyperinflation and has at least one experience with a product that has doubled, tripled, or quadrupled in price. However, the increase in price is not the only thing that affects purchasing power and welfare, there is also shrinkflation, where the amount of a good decreases. I think this happens with the quality of the product or service too, and it might be a bigger problem than the nominal increase in price.
This is especially dangerous because this sneaky type of inflation generally goes unnoticed and policymakers are not held fully accountable for this. Recognizing shrinkflation and calling it out could help better decisions to be made in the future regarding policy.
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