“Bill, yes, absolutely not taking the foot off the pedal in terms of passing through where we have a lot of input costs coming in. So it's not that we are not going to be passing through the input costs in those marketplaces.”

In context

“omes from Bill Chappell from Truist Securities. William Chappell: I just want to follow up on kind of the commentary on the hyperinflation environment, you're kind of comment of moderating. And I understand it's moderating, but I believe the pricing -- a lot of the pricing you took was kind of more in the second half, so that will carry through. I don't think you -- these countries have really slowed down in their inflationary environment. So are you saying that you're kind of done with pricing there and -- or that you would be taking price cuts. So I'm -- it seems like I understand you have a general guidance for this year, but it seems like the hyperinflation environment, there's not a real reason for them to moderate, but so much at least for the next couple of quarters. James Quincey: Bill, yes, absolutely not taking the foot off the pedal in terms of passing through where we have a lot of input costs coming in. So it's not that we are not going to be passing through the input costs in those marketplaces. There are -- it was very concentrated these high inflationary countries, and there has been inflationary moderation. I mean if you look at Argentina for the for the sake of the single dealer example, the monthly inflation rate has dropped markedly through 2024. I think it's down to a few percent a month now or 4% a month. So you definitely see a moderation. Yes, you're right that in a sense, you'll see more of it in the first half and the first quarter than you will in the back end of the year. but inflation has definitively dropped in a lot of these countries because it was very concentrated in a handful Argentina, a couple of the African countries and Turkey. And so the inflation has come down. There's -- but we will continue. If it doesn't moderate, if there's other countries that fall”