May 3, 2024 11:31 AM

South Korea to slap fines on food suppliers for ‘shrinkflation’

South Korea's antitrust regulator said on Friday food makers and suppliers will be required to notify shoppers if they reduce the size of their products or face fines of up to 10 million won ($7,300). The Fair Trade Commission (FTC) said it has designated the practice of some businesses to cut product portions while keeping the price the same, or so-called shrinkflation, as an unfair transaction subject to penalties. Most processed food makers and manufacturers of household supplies such as to...