Right you are.
As long as the "protected class" doesn't feel the pain--there will be no pitchforks in the street. What's a third of the country getting free food now? Makes no difference to them if a box of Froot Loops is 32 oz costing $2.50 or 10 ounces and costing $5.25. They don't even notice. Don't even care.
For what it’s worth (pun intended), shrinking package sizes show up as inflation. So if your coffee can shrinks to 34oz from 36oz, and the price remains level, it counts.