Shrinkflation Prevention Act of 2024

This bill would require the Federal Trade Commission (FTC) to create rules preventing companies from reducing product sizes without proportionally lowering prices - a practice known as "shrinkflation." It defines shrinkflation as downsizing a product while not decreasing the price commensurately, treating violations as deceptive practices under existing FTC authority. The rules would be finalized within 18 months of the bill's enactment, with enforcement by the FTC and states allowed to sue companies for violations. The measure directly affects consumers, who face deceptive pricing, and manufacturers who would need to adjust product sizing and pricing transparency.