Inflation has caused consumers to tighten their belts—and it's causing them to be more selective about the snacks they buy, reported the Wall Street Journal.

PepsiCo's Chief Financial Officer Jamie Caulfield said the company is feeling the impact, as sales volume for its Frito-Lay North America business dropped 4% in the latest quarter. The company reported a 1% increase in revenue and 2% drop in sales volume in the June quarter globally. Sales volume for its North America beverage business fell 3%.

“There is a cohort of consumers that have become more price conscious,” Caulfield said. “They’re looking for more deals to get more for their money.”

Conagra Brands also reported lower sales for its products, and Conagra Chief Executive Sean Connolly said he expects demand to improve gradually over the fiscal year “as consumers adapt and establish new reference prices,” wrote the Journal.

In an effort to offer greater value, PepsiCo has introduced “a new 10-item variety pack of snacks that is selling well,” Caulfield told the Journal. “Shoppers are now less interested in buy-one-get-one-free promotions and want lower price points for single items.”

Reuters noted that “PepsiCo is adding new flavors to its brands such as Lay's, Doritos and Cheetos to suit various consumer preferences, while also offering products across different price tiers.”

Caulfield also noted that better-for-you snack options, including PepsiCo’s PopCorners and Simply line of snacks, and zero sugar sodas continue to sell well. PepsiCo will increase its marketing spending on those products, he said.

Consumers have also been pulling back from dining out in recent years due to price concerns, causing QSRs like McDonald’s and other retailers to make value plays to keep customers. Many have offered a $5 meal promo to answer to demand.