REMAIN CALM. ALL IS WELL! PepsiCo, After Years of Price Hikes, Sounds an Alarm on Consumer Spending: Frito-Lay North America reports 4% drop in sales volume, warns that consumers are looking for more deals.

Inflation-weary shoppers are finally cutting back on potato chips.

For the past few years as prices soared, many consumers kept buying affordable treats like Doritos and Lay’s in lieu of bigger-ticket splurges such as restaurants, concerts or travel. But now, they are limiting their spending in all areas, said Jamie Caulfield, PepsiCo’s chief financial officer. . . .

Inflation in the U.S. is moderating but consumers are feeling the cumulative impact of years of steep price hikes, particularly in their grocery bills. Consumers in recent months have been pulling away from big brands like Starbucks, Chips Ahoy and McDonald’s.

Shares of Conagra Brands declined in Thursday trading after the maker of Slim Jim meat snacks and Vlasic pickles reported lower sales for its latest quarter and issued a disappointing profit outlook for its current fiscal year. . . . Shoppers are now less interested in buy-one-get-one-free promotions and want lower price points for single items, Caulfield added.

Everything is going swimmingly.