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Writer at Full Stack Economics and a former senior economist at the Joint Economic Committee of the U.S. Congress, explains that “skimpflation” occurs when consumers receive lower-quality goods or services while paying the same price. Unlike traditional inflation, which involves rising prices, skimpflation is characterized by a decline in quality, such as slower delivery times or inferior service. He notes that this phenomenon is becoming increasingly common, particularly during the current economic crisis. Skimpflation is distinct from shrinkflation, where the size of a product decreases while the price remains the same—like a smaller packet of chocolate or crisps.

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The term "skimpflation" describes a situation where consumers receive lower quality for the same price, as explained by Alan Cole. Unlike traditional inflation, where prices rise for unchanged goods, skimpflation involves paying the same amount for products that have deteriorated in quality. Common examples include longer wait times for deliveries and reduced sizes of products without any change in price.

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Alan Cole, a writer for Full Stack Economics and former senior economist at the U.S. Congress's Joint Economic Committee, explains that "skimpflation" occurs when consumers experience a decline in the quality of goods or services while paying the same price. Unlike traditional inflation, which involves price increases, skimpflation reflects reduced quality, such as slower service or worse customer care. Cole also points out that this phenomenon is becoming more frequent, particularly during the current economic crisis. He distinguishes skimpflation from "shrinkflation," where product sizes decrease but prices stay the same, like when a chocolate bar or bag of chips gets smaller.

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There's a term being popularised in the US that is skimpflation. Skimflation is when consumers are getting worse quality for what they pay. Shrinkflation means when a company reduces the size for a package but the proce stays the same

Tung Lam nhom 10

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Loan

"Skimpflation" is defined as the situation in which consumers pay the same price for goods or services that are of lesser quality. This is explained by Alan Cole, a writer at Full Stack Economics and former senior economist of the US Congress' joint economic committee. In contrast to normal inflation, which results in price increases, skimpflation is characterized by a drop in quality, such as worse service or slower delivery times. Additionally, he emphasizes that shrinkflation—where things shrink in size but maintain the same price—is not the same as inflation, which is becoming more common, particularly in light of the current economic crisis. An example of shrinkflation would be the shrinking of a package of chocolates or crisps.

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The article introduces the term "skimpflation," which describes a situation where consumers receive less value for their money due to a decline in quality rather than an increase in price. Unlike traditional inflation, skimpflation involves paying the same price for a product that has become less desirable. The article uses longer delivery times for furniture and appliances as a common example of skimpflation. It also contrasts skimpflation with "shrinkflation," where the quantity of a product decreases while the price remains the same.

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Alan Cole, a writer at Full Stack Economics and former senior economist, explains that “skimpflation” is when consumers get worse quality goods or services for the same price. Unlike regular inflation, where prices increase, skimpflation means a drop in quality, like slower service. He also points out that this is happening more often in the current economic crisis. Skimpflation is different from “shrinkflation,” where product sizes get smaller but prices stay the same, like a smaller chocolate bar or bag of chips.

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The three paragraphs distinguish three strategies that businesses cope with economic challenges to maintain their profit/There are new types of inflation in different countries/New types of inflation are now getting more common in different countries. If skimpflation refers to a decline in the quality of goods or services while prices remain the same, then inflation is where prices rise for the same product, and shrink flation is the way that companies reduce the size of products without changing the price.

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Alan Cole, a writer at Full Stack Economics and former senior economist for the US Congress, defines "skimpflation" as when consumers pay the same price but receive lower-quality goods or services. Unlike traditional inflation, where prices increase, skimpflation involves a decrease in quality, such as slower service. He also distinguishes it from shrinkflation, where the size of products, like a chocolate bar or bag of crisps, is reduced while the price stays the same.

PAM

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Alan Cole, a writer at Full Stack Economics and former senior economist for the U.S. Congress's Joint Economic Committee, describes "skimpflation" as a phenomenon where consumers receive lower-quality goods or services while paying the same price. Unlike traditional inflation, which is marked by rising prices, skimpflation reflects a decline in quality—such as slower delivery times or diminished service levels. Cole emphasizes that skimpflation is becoming increasingly common, particularly amid the current economic crisis. He distinguishes it from shrinkflation, where product sizes are reduced while prices remain unchanged, like a smaller bag of chocolate or chips.