Americans are already fed up with soaring inflation, but the problem is even worse than official statistics describe due to a sneaky phenomenon dubbed 'skimpflation.'
Coined on a recent episode of NPR's Planet Money podcast, skimpflation refers to a drop in the quality of services as businesses struggle to cope with a labor shortage and rising material costs.
While it is related to 'shrinkflation', which refers to stealthy reductions in package sizes, the services cutbacks of skimpflation are an even bigger headache for consumers, causing longer waits, fewer options and a general increase in daily inconveniences.
With US inflation at a 30-year high of 5.4 percent, skimpflation is piling on the woes for consumers who are already suffering.
In a prime example, Disneyland and Disney World have still not restored tram service six months after the theme parks reopened, infuriating visitors who have had to walk nearly a mile to enter and exit the parks.
'The Trams are needed, many people can't do all the walking. I personally can't because of my bad back please get these going it will be so much better for many people,' one irate visitor complained on Facebook.
'Skimpflation' is infuriating consumers as business cut back on services. In a prime example, Disneyland and Disney World (above last month) have still not restored tram service six months after the theme parks reopened
Nationwide delivery times for Domino's pizza have steadily increased since mid-July. Above is a Domino's in Livonia, Michigan
Other inconveniences have spread across the economy at a rapid pace. Nationwide delivery times for Domino's pizza have steadily increased since mid-July, according to Bloomberg.
Hotels are cutting back on services such as daily room cleaning and free breakfast buffets, and phone wait times for customer service are increasing across many industries.
Understaffed bars and restaurants have also seen customer satisfaction suffer, with complaints about service, food and cleanliness on the rise.
Airlines in particular have infuriated travelers with massive, seemingly random waves of flight cancellations, which the industry has only grudgingly admitted are due to staffing shortages.
Last weekend, American Airlines became the latest carrier caught up in the chaos, cancelling some 1,000 flights in a single day.
Overall, customer satisfaction has fallen in nine out of the past 10 quarters and are at their lowest levels in 15 years, according to the American Customer Satisfaction Index.
Customer satisfaction has fallen in nine out of the past 10 quarters and are at their lowest levels in 15 years, according to the American Customer Satisfaction Index
The consumer price index rose 5.4 percent in September from a year ago, up slightly from August's gain of 5.3 percent and matching the increases in June and July. But skimpflation is adding headaches for consumers that the number doesn't show
Air travelers line up at O'Hare International Airport's United Terminal in September. Airlines in particular have infuriated travelers with massive, seemingly random waves of flight cancellations
'Skimpflation is a new term, but it's an old way that companies have had to react in the face of inflationary pressures,' economist Jeffrey Haymond with Cedarville University told WKEF-TV.
'It's new to most of us now, because we haven't had the big inflation with that we had inflation of the '70s and we had a brief period in the mid 2000s. But even then, that wasn't as long-lasting as what we are seeing today,' he noted.
'That seems to be, it seems to be more baked into the whole market now. And we're starting to see it manifest more like the '70s experience,' Haymond said.
While the economy continues to flash
