The finance ministry said Wednesday the government will push to make it mandatory for companies to put shrinkflation warning signs on their products if they reduce packet contents without a price fall to match.
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HBAF, CJ CheilJedang, Mondelez International, Pulmuone and several other food makers were found to have refrained from hiking product prices this year, but reduced the volume of their contents, which is a practice called “shrinkflation” that is frowned upon by customers, the Korea Consumer Agency said Wednesday.
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The government’s push to curb food prices by twisting the arms of manufacturers appears to have backfired, as embattled manufacturers are passing on the extra costs to customers through a series of deceptive sales campaigns, thus undermining the inflation fight.