New words – 1 August 2022

a man holding a bag of groceries looks worried as he reads the receipt
Elena Perova / iStock / Getty Images Plus

ripflation noun [U]
the situation when companies use inflation as an excuse to increase their prices more than necessary in a way that rips off (= cheats) their customers

Ripflation, my coined term meaning ripoff inflation, is when the economic and supply chain conditions have significantly improved but various players in the supply chain keep prices elevated beyond necessity … In other words, ripflation uses inflation as its convenient cover story. Why are corporate profits objectively soaring in 2022 yet consumers are being hit so hard? Could it be ripflation? Could it be their stinginess and unwillingness to give back to a public that has been traumatized for 3 years?
[, 31 March 2022]

skimpflation noun [U]
the situation when the price of a product or service stays the same but the quality becomes worse

“Skimpflation is when consumers are getting less for their money,” says Alan Cole … formerly a senior economist at the joint economic committee of the US Congress. “Unlike typical inflation, where they’re paying more for the same goods, skimpflation is when they’re paying the same for something that worsened in quality.”
[, 28 June 2022]

greedflation noun [U]
the situation when companies use inflation as an excuse to increase their prices more than necessary in order to make as much money as they can

This isn’t inflation. It’s greedflation. This sudden, heart-stopping rise in prices is in large part an effect of corporations jacking up prices. Why? Because they can. They used the pandemic as an excuse to raise prices disproportionately.
[, 22 April 2022]

About new words

8 thoughts on “New words – 1 August 2022

  1. Bence Klára

    We’ve got ‘shrinkflation’ (zsugorfláció) as a new word in Hungarian. The situation when manufacturers/ companies sell/ keep their (old) prices, but reduce the weight
    of the product.

    1. Ildiko Varga

      Hi Klara, it is funny that being a Hungarian, I can learn not only in English by reading these posts but also in Hungarian. I like the word “shrinkflation” but I have never heard anybody saying or using the word “zsugorflacio”. So thx for that. The Hungarian word is the translation of the English one verbatim and covers the meaning contextually and visually perfectly. Great!

    1. Ciprian Tomoiaga

      I belive ripflation is when they keep the prices high, whereas greedflation is when they increase it more than they need.

      gas was $2. Pandemic / war made it increase to $3. Now situation improved, but they don’t bring it back to $2 -> ripflation

      gas was $2. There is general inflation of 8%. Price increases to $3, instead of $2.16 -> greedflation

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