‘Shrinkflation’ has hit over 2,500 consumer products over the past five years 

It also cast doubt on whether the cost of raw materials, on which manufacturers have often blamed price hikes, has actually increased. 

The European import price of sugar has been falling since the middle of 2014, and reached a record low in March 2017, it said.

Meanwhile price of cocoa, another major ingredient, reached a five-year high in December 2015, but has fallen sharply over the last year.

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