Snickers fires back at Joe Biden's claim that the company is duping customers with 'shrinkflation'

Snickers is contradicting President Joe Biden's claim that the size of its candy bars are being secretly reduced.

In his State of the Union address last Thursday, Biden accused snack companies of shrinkflation, a process whereby a manufacturer includes less product in packaging while not adjusting the price.

"Look, too many corporations raise prices to pad their profits, charging more and more for less and less. That's why we’re cracking down on corporations that engage in price-gouging and deceptive pricing, from food to health care to housing," Biden said. "In fact, the snack companies think you won’t notice if they change the size of the bag and put a hell of a lot fewer — same size bag — put fewer chips in it. No, I’m not joking. It's called shrinkflation."

Biden then specifically targeted Snickers.

"You probably all saw that commercial on Snickers bars. You get charged the same amount and you got about, I don’t know, 10% fewer Snickers in it," he claimed.

But Mars Inc., the candy company that manufactures the Snickers bar, released a statement accusing Biden of not telling the truth.

The statement read:

We have not reduced the size of Snickers singles or share size in the U.S. Like many industries, we continue to face high inflation and spikes in material costs; however, we work to absorb these extra costs wherever possible to provide affordable treats and the best value. Final prices are always at the discretion of the retailer, but we make every effort to minimize costs to provide a full range of delicious products.

Biden is targeting shrinkflation as his newest economic enemy because his narrative about inflation — that it is consistently improving and the crisis is over — collapses under scrutiny.

On Tuesday, the Bureau of Labor Statistics reported that inflation is not improving.

Inflation, in fact, rose 0.4% in February and 3.2% over the last 12 months, the BLS announced. Meanwhile, core inflation — a measure of inflation minus food and energy — also increased 3.8% over the last year.

Both metrics reflect the pocketbook squeeze that Americans continue to feel. Yes, inflation is not at 9% like it was two years ago. But the price of goods is still increasing, no matter what the president says.

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