“So as we look at '23, we are expecting a modest inflation lift across the portfolio. Most of that is going to be wrap of inflation that we're seeing in 2022 lapping into 2023.”

In context

“sed at the December Analyst Day was kind of the confidence in prices sticking but your competitor mentioned that they saw more price sensitivity in the fourth quarter than they had in the third quarter. So first, are you guys seeing something similar? And then how do you address some of the price sensitivity, do prices need to come down? Will we see more markdown activity? Brandon Sink: Yes. Patrick, this is Brandon. As it relates to the question on elasticity, stepping back, we look at the last 3 years through the pandemic, we saw consumers who were very resilient with higher prices, not necessarily impacting demand that we were seeing for our business. As I mentioned in the last response, we are seeing more normal consumer trends with consumers anticipating and responding to value. So as we look at '23, we are expecting a modest inflation lift across the portfolio. Most of that is going to be wrap of inflation that we're seeing in 2022 lapping into 2023. We're expecting that inflation to continue to slow, and we're seeing minimal activity in terms of new pipeline requests coming in from our supplier base. And that inflation is going to impact mostly first half as those benefits are expected to normalize as we move through the year, next year. And then on the transaction side, we expect that inflation to be offset by a modest decline in transactions, which we also expect to see that improve across the year. So we're looking back half of the year and then into 2024 a more traditional balance between ticket and transaction. Operator: Our next question comes from the line of Scott Ciccarelli with Truist. Unknown Analyst: This is Joe on for Scott. I was really impressed by the Pro commentary. I was just wondering, is there any sort of re”