IN recent times, there has been much debate over whether Pakistan has been experiencing inflation, hyperinflation or stagflation that is reminiscent of theeconomic turmoil once faced by the Western world between 1971 and 1981.

Stagflation, characterised by high inflation, sluggish economic growth, and persistently high unemployment, not only poses significant challenges for policymakers, but also for businesses.

While governments approach the tricky equation in their own ways, the corporate sectoradoptsarathercutthroatapproach to control the impact of inflation by adopting various strategies. One such tool is shrinkflation, where companies reduce product sizes while maintaining the prices. This tactic aims at masking the impact of inflation on production costs, which is often done through deceptive packaging tricks.

However, the persistence of inflation, coupled with the failure to address its root causes, has given rise to a new mode of operations, called skimpflation. This occurs when companies compromise on the quality of products and services while keeping the prices unchanged.

Besides, similar to the stagflation era in the United States, skimpflation is also beginning to take root and affect various sectors, leading to a decline in product quality and services across Pakistan.

While shrinkflation closely focusses on reducing portion sizes, skimpflation, on the other hand, involves lowering the quality of ingredients or even using substandard raw material, resulting in less nutritious food options left for theconsumers. As such, this prevalent trend is particularly concerning in the light of growing health concerns associated with poor dietary choices.

Comparatively, the impact of rising food prices is not limited to Pakistan alone; Western economies have also been grappling with similar challenges.

Recently, Kellogs chief executive officer Gary Pilnick suggested in an interview with CNBC that Americans will eventually start `eating cereal for dinner` because the cost is so much cheaper per portion.

Furthermore, owing to the emergence of new technologies, like lab-grown meat, as alternative solutions to combat escalating food costs, it has become possible to control the current crisis.

As we navigate through these economic uncertainties, it is crucial for Pakistan`s food authorities to enforce strict quality control measures to safeguard all aspects of public health.

With cancer rates in Pakistan being one of the highest in Asia, ensuring that consumers are not exposed to substandard or carcinogenicingredients shouldbe a top priority for the government.

The reality of growing skimpflation underscores the necessityfor vigilant oversight including a critical aspect of taking proactive steps that effectively safeguard the interest of the consumers.

Adil HamfGodit London, UK