Shrinkflation

There was a great deal in the news yesterday concerning the fact that producers are reducing the size of their products, or reducing the quantities whilst maintaining the same price.
What was not mentioned was the consequence of this for inflation. The authorities have greatly improved their methods for updating the basket of goods they use as a measure, so that there are not so many anachronisms, but, how good will they be at taking account of these current changes. What is likely is that we shall have an under-stating of inflation figures. That of course, will have repercussions for monetary policy decision making.