“I think predominantly, what you're going to see in 2023 is the ongoing moderation of rate pricing, both as we cycle rate increases or price increases from 2022 and as inflation in general and inflation specifically to us, whether it be in SG&A, or in commodities begins to moderate.”

In context

“So there's a tail or there's a last piece of the recovery channel that is not going to happen overnight and may not happen for some time to come. But in headline terms, other than a little bit of positive channel effect perhaps in the first half, I think we can put a line on the channel mix being – or the recovery of the channel mix relative to the pandemic being a major driver of price/mix going forward. Yes, package mix will continue to be a factor, as it has been in previous years and prior to the pandemic, Clearly, as we pursue a dual strategy of keeping consumers in this franchise with affordability and looking for premiumization opportunities, the two can somewhat offset each other, one's dilutive, one's accretive, but they're both valuable strategies that need to taken forward. So I think predominantly, what you're going to see in 2023 is the ongoing moderation of rate pricing, both as we cycle rate increases or price increases from 2022 and as inflation in general and inflation specifically to us, whether it be in SG&A, or in commodities begins to moderate. Operator: Our next question comes from Carlos Laboy from HSBC. Please go ahead. Your line is open. Carlos Laboy: Yes. Good morning, everyone. The Latin American bottlers keep guiding for stepped-up investments in traditional trade DSD capabilities to fully exploit this new cooperation framework they have with your firm. Do you think, this is already kicking into the systems financial performance and the model, in your view, adaptable to other parts of the world where the promise of maybe higher ROIC and stepped-up bottling CapEx, can drive system growth? James Quincey: Yeah. Let me take that in parts. The features that we have in the long-term relationship model in Latin America, we're rolling those out in a number of other places. And clearly, the more we can intensify whatever the frame”