The trend: US consumers are cutting back on snacks in the latest sign that anxieties over the economy are sharply altering consumption patterns.

By the numbers: Declining demand for chips, candy, and other indulgences hurt consumer packaged goods (CPG) earnings in the previous quarter.

• Pringles and Rice Krispies Treats manufacturer Kellanova reported a 4% YoY decline in North America net sales as shoppers’ interest in snacks and frozen foods softened.
• Oreo maker Mondelez posted a surprise 4.1% drop in North America revenues, which CEO Dirk Van de Put blamed on consumer pessimism and “continued frustration with prices.”
• While consumption in the quarter surpassed Hershey’s expectations, the company’s sales plunged by 13.8% YoY, hurt by the timing of the Easter season as well as inventory actions taken in the same period last year.