Sesame Street’s Cookie Monster has taken a hard stance against inflation, and leading politicians chimed in to agree with the gluttonous blue character about the sorry state of high prices, CNN reports.
“Me hate shrinkflation!” Cookie Monster posted on X Monday. “Me cookies are getting smaller. Guess me going to have to eat double da cookies!”
Cookie Monster is not imagining the cost of his special treats is getting steeper while their size is getting smaller.
Sen. Bob Casey, D-Pennsylvania, issued a report on “Greedflation” in December that found a 6% decrease in the weight of OREO Double Stuf Chocolate Sandwich Cookies between January 2019 and October 2023.
That’s not all that manufacturers are shrinking in size. Cleaning products, coffee, candy, sugar and frozen food all shrank by about 10% last year — with the biggest declines being in household paper products, like toilet paper and paper towels.
Meanwhile, the price of such paper goods is now 35% more expensive.
Sen. Sherrod Brown, D-Ohio, responded to Cookie Monster’s post, saying, “big corporations shrink the size of their products without shrinking their prices, all to pay for CEO bonuses. People in my state of Ohio are fed up — they should get all the cookie they pay for.”
Daniel Zhao, lead economist at jobs website Glassdoor, posted a detailed chart on X showing cookie inflation of 19% in November 2022 from a year earlier — and 28% in the past three years.
Commiserating with the beloved Sesame Street character, Zhao said the high price of cookies is “tough for somebody whose consumption basket is 100% cookies.”
Sen Bob Casey, D-Pennsylvania, joined in, simply saying, “I’m on it.”
Last week Casey introduced a bill that “empowers the Federal Trade Commission and state attorneys general to crack down on corporations reducing product size without a reduction in price.”
The latest Consumer Price Index and the Personal Consumption Expenditures price index both show inflation is not easing. In fact, the PCE showed prices rising between December and January.
Federal Reserve Chairman Jerome Powell will testify before Congress Wednesday morning to deliver the Fed’s semiannual report on its policies.
The markets, and cookie consumers, are eagerly waiting to see what the Fed will do about interest rates. With prices remaining high, the consensus is that the central bank may not cut rates anytime soon.
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