“This year, we think it will be mid- to high-single-digit.”

In context

“an, I think if you look at -- I'll kind of center in on a data point, which is kind of our quarter one company-operated margin percent, which actually, if you look at it on a percentage basis, we were slightly below where we were expecting to be for the quarter, even though we had obviously that really strong top line result. And so I think that's the impact of us heading into higher levels of inflation than we were even anticipating in the first quarter. And so I think our outlook for inflation for the year, I'll kind of break that into a couple of pieces. I think if you look at the U.S., we certainly believe we're on a downward trend, although inflation remains elevated. So if you look at commodity inflation on the food and paper front in 2022, we were in the mid-teens level in the U.S. This year, we think it will be mid- to high-single-digit. I think labor inflation will still remain elevated just on the back of a really continued strong labor market. And then I think if you move to Europe, from a food and paper commodity standpoint in 2022, we were in the mid-teen levels in Europe, and we expect to be in the mid-teens again in 2023. So I would say Europe, we still feel is kind of working through what I'll call the eye of the storm, so to speak, from a headwind perspective. Certainly believe inflation is front half versus back half-loaded and certainly believe as we get into the back half of the year, we'll start to see inflation moderate down but still really elevated in Europe. So I think if you go back to operating margin for the first quarter, we finished at 46% on the back of that really strong top line. And I think as we”