It turns out the British don't know about Skimpflation either!

Between interest rate hikes, inflation, and raises for retirees, the conversation for the past two days has naturally been about inflation…

First, Mahfi Eğilmez introduced new economic terms to our lives to explain the inflation in Turkey.

Yesterday, our esteemed columnist Mustafa Mutlu brought these new economic terms into his column.

Skimpflation, Shrinkflation, and Greedflation!

The master, of course, explained what these new terms mean with his magnificent pen.

After reading the article, since they are English terms, I said to myself, "I should do some research to see what these new inflation terms we've heard are, and whether the British are aware of them."

I started asking around, wondering how this term is used in the world's financial center…

First, I went to the local branch of the famous UK supermarket chain where I always shop.

Thinking that everyone would know the word 'skimp' means 'to be insufficient' or 'to skimp on,' I asked the cashier. They had trouble understanding!

"What's missing?" they asked. "Is there something missing from the products you bought?" they added.

I love our local market vendors back home. If you made them Minister of Economy, they would have a prescription to save the country. Here, the cashier has no idea about Skimpflation!

I asked a few acquaintances I ran into on the street; the most intellectual among them replied to my question by saying, "It's an economic term, but I don't know the exact details..."

Though, how would they know?

They haven't experienced what we call inflation as a devastating effect in their lives…

When the UK Office for National Statistics announced in June 2022 that inflation had reached its highest level in 40 years at 9.1%, the conservative government announced an emergency action plan.

However, the public was largely unaware of this situation. Because the bread they bought for one pound had risen to one pound and 10 pence!

In January 2024, the British Retail Consortium (BRC) announced that food inflation had fallen to 6.7%.

While the British Prime Minister was boasting about lowering inflation, the public didn't care about this either!

"Anyway," I said to myself…

I thought I would ask our own people who invest in Turkey, buy houses in their homeland, and spend their holidays in Turkey; perhaps they are closely following Turkey's agenda.

This time, I entered a Turkish market near our neighborhood.

Of course, because I didn't listen to the wise advice, I ended up in trouble!

In his article, master Mustafa Mutlu had written, "However, don't try to go to the cashier sister and act tough by saying 'What kind of skimp business is this?' If you do, be prepared to get a good beating!" but I didn't listen.

The market owner, who asks how I am every time I shop by saying "Welcome, brother," got angry when the subject of Skimpflation came up!

He walked toward me saying, "I'm saying 'brother' and we are counting, aren't you ashamed to talk like that?"

I was lucky to leave the market without getting beaten, but it's certain that our relationship will be as up and down as the inflation in Turkey from now on!

I saw that we wouldn't be able to solve this on the street. I decided to consult an expert.

I called a British financial expert friend who has been working in the finance sector for 14 years.

I asked, "Manager, what is this Skimpflation?"…

"It is an economic term, but it usually only appears in books. In books, countries experiencing economic fluctuations are given as examples. Recently, we were encountering this while examining the Argentine economy. However, it is not very possible to see Skimpflation, Shrinkflation, and Greedflation in the UK. Because the decrease in size, weight, or volume while the price of the product remains the same, the act of increasing the sales prices of goods and services above inflation by taking advantage of the environment created by high inflation, or selling a lower-value good resulting from changing the product's content or lowering its quality at the same price, already constitutes a crime," he explained.

In short, he says such things happen in unstable economies!