Hello viewers,
Skimpflation is a situation where firms – in response to higher costs – reduce the quality of a good/service. Skimpflation means consumers get less for the same price.
Skimpflation is related to inflation in that rising prices and costs in the economy lead to lower living standards for consumers. The difference is that although prices do not rise directly, you would effectively have to spend more to get the same service that you did before.
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