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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.

GOP Rep. Gonzalez retires in face of Trump-backed primary

Ohio Rep. Anthony Gonzalez (R) Photographer: Stefani Reynolds/Bloomberg via Getty Images

Ohio Rep. Anthony Gonzalez (R) announced his retirement on Thursday, declining to run against a Trump-backed primary challenger in 2022.

Why it matters: Gonzalez has suffered politically since siding with House Democrats to impeach the 45th president after the Capitol riot.

Swing voters oppose Texas abortion law

Protesters at a rally at the Texas State Capitol. Photo: Jordan Vonderhaar/Getty Images

All 10 swing voters in Axios’ latest focus groups — including those who described themselves as "pro-life" — said they oppose Texas' new anti-abortion law.

Why it matters: If their responses reflect larger patterns in U.S. society, this could hurt Republicans with women and independents in next year's midterm elections. The swing voters cited overreach, invasion of privacy and concerns about frivolous lawsuits jamming up the courts.