INDIANAPOLIS — Are you familiar with “greedflation?”
Even if you’re not, you are likely experiencing it, according to a new analysis of consumer pricing. Greedflation is the act of using inflation as an excuse to artificially inflate prices in order to boost a company’s profits.
According to consumer watchdog site Accountable.us, companies like Pepsi and Kimberly-Clark have admitted to benefiting from higher prices increasing their profits. Ulta saw profits go up by 25% while Tyson boasted profit increases of more than $3 billion in the last couple of years.
“Corporate greed is a stubborn thing that requires a serious action from Congress,” said Accountable.us analyst Liz Zelnic.
While most of us have little power to do anything about greedflation, we can make choices to shield ourselves from its effects. One method is by looking for generic alternatives to some of the higher-priced name brands we normally buy. Almost every aisle at the grocery store has store-brand or generic items for 25% less than popular brands.
Of course, shopping for generic or off-brand products can be a hit-and-miss endeavor because you don’t know about the quality until you try it.
Fortunately, “Krazy Coupon Lady” has done a lot of the research for you.
Some things like pancake syrup, may not be the best for finding an off-brand; generic varieties are often too watery with not enough flavor. However, milk could be something you easily substitute. Darigold milk and its generic alternative Best Value are processed at the same dairy, so you are literally buying the same milk for $1.67 instead of $2.45.
Krazy Coupon Lady has a long list of generic vs. name-brand comparisons and how much you can save by making the switch. It’s usually within a dollar or less, but that can add up over several months of grocery trips.