U.S. Senator Bob Casey of Pennsylvania has introduced legislation that is designed to crack down on what's called 'shrinkflation."

The phenomena gets its name from companies shrinking the size of its packaging slightly but still charging the same price as the original, larger, product.

According to Casey's office, the bill empowers the Federal Trade Commission (FTC) and state attorneys general to crack down on corporations by promoting regulations that establish shrinkflation as an unfair or deceptive act or practice, prohibiting manufacturers from partaking in this practice.

Additionally, it would authorize the FTC and the state attorneys general to pursue legal actions against companies that do participate in shrinkflation.

The bill is also supported by Ohio U.S. Senator Sherrod Brown.

While it may seem like a foreign concept, shrinkflation is playing a major role in what products people can afford and how much money is spent on them.

According to a report published by Casey with statistics based on the U.S. Bureau of Labor Statistics, household paper products saw a massive jump in shrinkflation with a 10.3% price increase. Meanwhile, food products saw a 9.8% price increase followed by cleaning products at 7.3%.