Price Rises Top 8% at Consumer Giant Unilever, Hitting Demand

"Unilever, which has been battling surging inflation, on Thursday said it had increased prices by an average of 8.3% in the first three months of the year and is planning further rises. The company said higher prices had resulted in some softening of consumer demand, with overall volumes declining 1% in the quarter, and that it expects shoppers to pull back further as prices climb." (WSJ, April 2022)

1. Did the higher prices hit demand or the quantity demanded?
2. If the quantity demanded decreases by 1% as price increases by 8.3% and all else is constant, is the demand elastic or inelastic?
3. Do revenues increase or decrease when the quantity demanded decreases by 1% as price increases by 8.3%?
4. How does surging inflation affect demand?
5. Is the absolute value of the price elasticity of demand greater than or less than 1/8.3?