“In these markets, our pricing is largely in place and is expected to moderate as we cycle pricing initiatives from the prior year.”

In context

“erlying performance since 2019. More broadly, our industry is strong and we believe we have significant headroom to grow both volume and value and we continue to gain share. During the quarter, we gained value share in both At-Home and Away-From-Home channels. As we look towards the second half, the global inflationary environment is impacting consumers and our business differently across geographies. In developed markets like North America and Western Europe, inflation is beginning to moderate and labor markets remain strong. Our elasticities continued to be relatively low. However, we have seen some willingness to switch to private label brands in certain categories. Across the sector, consumers are increasingly cost conscious. They're looking for value and stocking up on items on sale. In these markets, our pricing is largely in place and is expected to moderate as we cycle pricing initiatives from the prior year. It's more important than ever to be consumer centric and to partner with customers to provide affordable and premium propositions which deliver value through basket and incidents growth. In many developing and emerging markets like Latin America, the Middle East and Africa, consumers are more accustomed to persistent inflation. However, the number of markets with intense inflation has expanded. Five of our top 40 markets are currently experiencing over 20% annual inflation. In these markets, it's equally important to leverage revenue growth management capabilities to balance affordability with premiumization to be able to take price with local market inflation, which helps offset the currency pressures. There are, as always, a few markets affected by specific local factors. In China, econ”