This is a statement used by smartass kids who just want to steal slices of bread from their younger unsuspecting siblings.when they point to some direction and shout 'look at that!!'',their siblings turn towards the direction they are pointing at,thus these kids steal all the bread
and when their siblings realize it was nothing and decide to continue their eating only to realize their bread is gone.Then their older thieving
siblings cheat them that ghosts
had consumed their bread.