‘Skimpflation’: how the Strait of Hormuz is linked to your lasagne – and other everyday goods

By Erhan Kilincarslan, Reader in Accounting and Finance, University of Huddersfield

The standoff in the Strait of Hormuz has already made fuel and energy noticeably more expensive. But energy prices are only part of the story.

While tensions continue between Iran and the US over that vital stretch of water, another, more subtle economic effect could come into play. “Skimpflation” is the name for a phenomenon that involves a gradual decline in the quality, quantity or service associated with everyday goods.

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