Procter & Gamble warned on July 29 that consumers are beginning to buckle under the weight of inflation, prompting shoppers to look for discounted brands.

The Cincinnati-based company, which makes a wide range of personal care and hygiene products, including Pampers, Pantene, and Tide, forecast full-year earnings below analysts’ estimates in its fourth-quarter and fiscal-year 2022 results.

Procter & Gamble forecast average fiscal 2023 earnings per share of $5.93, below analysts’ expectations of $6.02, adding that it expects headwinds of $3.3 billion after-tax from “unfavorable foreign exchange, higher commodity costs, and higher freight costs.”