People are not only paying more as a result of inflation, but they are also sometimes getting less bang for their buck because of something known as shrinkflation.

Shrinkflation means packages are smaller or there is less product as consumers pay the same amount - or even more.

Edgar Dworksy with Consumerworld.org says Charmin is the latest brand to downsize. Dworksy says the 18-pack of ultra-soft toilet paper now contains 244 two-ply sheets down from 264.

Dworsky says snacks are impacted too. Keebler cookies no longer boast about having 20% more cookies. The family size of M&M variety cookies just went from 17.2 ounces down to 15.6. Gatorade used to come in a 32-ounce bottle, but Dworsky says it has been downsized to 28 ounces.

"That's half a cup. Think about it. How many millions of bottles do they sell? Four ounces out of every bottle, this is a 12-15% decrease in the content of the product," says Dworksy. "That's an awful lot."

Dworsky says the best things you can do to spot shrinkflation are habits like checking how many sheets are on your toilet paper and paying attention to how much you are paying per ounce of product.