[P&G reported](https://www.cnbc.com/2026/07/29/procter-gamble-pg-q4-2026-earnings.html) EPS that beat but revenue missed with volume flat YoY. That's not resilience — that's the exact moment elasticity snaps. Consumer staples live on unit growth + mix. When pricing carries the entire load and volume flatlines, you're watching the demand curve invert in real time. But the margin thesis doesn't hold.

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