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Illustration: Aïda Amer/Axios

One way companies are raising prices is by reducing the package sizes — without lowering the cost, what's known as "shrinkflation."

Why it matters: Analysts expect the practice to impact more products as companies pass down their higher costs, a consequence of pandemic-driven supply and logistics constraints.

Driving the news: Companies like Kimberly-Clark, Scotts Miracle-Gro, Procter & Gamble and General Mills have said they would raise prices this year, but it’s not exactly clear how much of that will come in the form of shrinkflation.

  • What is clear: Consumers do notice. 

Whether it’s Family Size Cheerios in two different sizes, one fewer bag of M&Ms in a multipack, smaller Scott Shop towels or shrinking salads at Walmart, the shrinkflation subreddit is filled with recent posts complaining about camouflaged price changes. 

  • The site Mouseprint, run by a former Massachusetts assistant attorney general, published photos in May of two Doritos bags that look identical but are half an ounce different.

What they’re saying: "The majority of the portfolio has been through the changes," General Mills spokesperson Kelsey Roemhildt told Axios in response to a query about its products shrinking in size.

  • Roemhildt said she couldn’t share more details when asked how many of the company's products experienced downsized packaging this year.

The intrigue: Not everything has shrunk, but these trends and prices tend to stick.

The bottom line: Twelve-month inflation expectations are at their highest levels since 2013, the pace of which the Federal Reserve says is largely temporary due to supply constraints.

Go deeper

Biden pollster's inflation warning

President Biden toured a union training center Wednesday before his CNN town hall in Ohio. Photo: Saul Loeb/AFP via Getty Images

A top party pollster and senior adviser to the Biden political team is urging Democrats to confront the problem of rising prices — which she says is starting to bite with voters.

Driving the news: Celinda Lake, who polled for the Biden presidential campaign and still advises Team Biden, told Axios that worries about inflation are coming through loud and clear in both public polls and her own focus groups.

Biden says Russia likely to invade Ukraine

President Biden addressed the brewing conflict between Russia and Ukraine during a press briefing Wednesday, saying of Russian President Vladimir Putin, "my guess is he will move in."

Why it matters: U.S. officials have issued a series of warnings about Russia's threatening military buildup on the border with Ukraine, with Secretary of State Antony Blinken saying in Kyiv earlier Wednesday that Russia could invade "on very short notice."

Biden challenges GOP agenda: "What are Republicans for?"

President Biden pushed back against Republican efforts to obstruct his agenda during a press conference Wednesday, asking "What are Republicans for?"

Why it matters: Biden's speech comes as he approaches one year in office, facing low polling numbers and a stalled agenda.