“So I think that gives you an indication of the level of the inflationary pressure... I would say, on an IOM basis for 2023, we probably expect food and paper inflation to be kind of in that mid-teens, not substantially lower than what we saw in 2022.”

In context

“in 2023, we think our food and paper inflation is going to be kind of mid to high single digits. So still obviously very elevated from where it's been for a long time. And so in combination with that, you've also got energy prices that are up and interest rates and things like that, that are impacting us. I think if you move to IOM with a focus on Europe, I think we're still working through the peak period of inflation. I don't think we think inflation will -- in Europe we will start to ease probably until mid-2023. In fact, we'll see some markets in Europe with higher levels of inflation in 2023 than we saw in 2022. And so I would say, on an IOM basis for 2023, we probably expect food and paper inflation to be kind of in that mid-teens, not substantially lower than what we saw in 2022. So I think that gives you an indication of the level of the inflationary pressure. Of course, energy prices in Europe, maybe while they haven't hit the peak, as I was talking about earlier because we've had a warmer winter in Europe so far, I mean the underlying tensions aren't fully resolved yet, and inflation levels and energy prices are certainly up significantly where they were 12 months or so ago. And so I think from a pricing perspective, what we're trying to do is be very disciplined and be very consumer-led in our thinking. You may have heard me talk in the third quarter call just a little bit about the investments we've made over the last couple of years to really improve the tools, the data, and the analytics that our advisers use to provide recommendations to the business. Of course, as always, our franchisees make their own pricing decisions. But I think as Chris talked about, we feel good that we're being very disciplined around the pricing we're taking. We're using a long-term mindset, knowing that what we want to cont”